Congressional Campaign Finance Reform Act of 1987

Congressional Campaign Finance Reform Act of 1987 - Amends the Federal Election Campaign Act to: (1) increase the amount a person may contribute to a candidate or the candidate's political committee; and (2) decrease the amount one multicandidate political committee may contribute to a candidate and the candidate's political committee.

Limits to $100,000 ($125,000 where two or more candidates qualify for the ballot) the aggregate amount which all multicandidate political committees may contribute to a candidate for the House of Representatives in a general or special election, including any primary election, convention, or caucus relating to such general or special election. Limits to an additional $25,000 the aggregate amount allowed for multicandidate political committee contributions in a runoff election for the office of Representative.

Establishes a formula for multicandidate political committee contributions to candidates for the Senate based upon a State's congressional delegation and limited to an aggregate total of $750,000.

Requires multicandidate political committees which make independent expenditures for advertisements connected with a candidate's campaign to disclose such information within the advertisement.

Prohibits nonparty multicandidate political committees from contributing more than $500,000 to all candidates for Federal office during each two-year period beginning on January 1 of an odd-numbered year.

Provides for public financing of House of Representatives general election campaigns. Sets forth conditions of eligibility for, and entitlement to, payment. Establishes the formula for determining such payments, based upon popular votes received by the candidate and whether a candidate is of a minor or major political party. Declares that eligible candidates are entitled to such payments only to defray qualified campaign expenses. Authorizes additional entitlements to opponents of nonpublicly financed candidates to match those contributions or expenditures raised, incurred, or expended which are in excess of the opponent's entitlement.

Requires the Federal Election Commission to certify to the Secretary of the Treasury the full amount to which an eligible candidate is entitled. Directs the Secretary to maintain in the Presidential Election Campaign Fund the House of Representatives General Election Campaign Fund for the deposit of funds for payments to eligible candidates.

Directs the Commission, after each election, to audit the campaign expenses of publicly financed candidates. Requires such candidates to repay any excess amounts received.

Establishes criminal penalties for violations of this Act.

Directs the Commission to report to the House after each election on actions taken under such Act. Provides for judicial review of such Commission actions.