Congressional Campaign Reform Act of 1987

Congressional Campaign Reform Act of 1987 - Title I: Federal Election Campaign Reform - Amends the Federal Election Campaign Act of 1971 to: (1) increase from $1,000 to $1,500 the amount a person may contribute to a candidate and his authorized political committees for an election for Federal office; and (2) decrease from $5,000 to $3,000 the amount a multicandidate political committee may contribute to a candidate and the candidate's political committees.

Requires corporations, labor organizations, and each national committee of a political party to file a report with the Commission if such entities have engaged in any otherwise exempt activity during the period for which the report is filed. Describes "otherwise exempt activities" as those activities which are exempt from disclosure requirements and which include any act of furnishing or making available services, payments, or other benefits excluded from the definition of contribution or expenditure.

Declares that any nonprofit corporation receiving reduced postal rates which uses the mails to engage in any otherwise exempt activity during the 90-day period prior to a general or special election shall be subject to a civil penalty.

Establishes reporting requirements for persons making independent expenditures in Senate elections totaling more than $10,000, and thereafter each time such persons make independent expenditures totaling more than $5,000. Subjects to such reporting requirements the exempt activities of corporations and labor organizations.

Sets forth disclosure requirements for independent expenditures through broadcast communications on any radio or television station.

Provides that an expenditure is not an independent expenditure where the person making an expenditure is in coordination, consultation, or concert with a candidate.

Requires a candidate, within 15 days of qualifying for a primary election ballot, to file with the Commission and each other qualifying candidate a declaration stating whether or not such candidate intends to expend funds and incur personal loans for the primary and general election in the aggregate of $250,000 or more from the following sources: (1) personal funds; (2) family funds; and (3) personal loans incurred in connection with the campaign for office. Allows the opponents of such candidate to accept larger contribution amounts from individuals.

Requires a candidate who files a declaration of intent not to expend more than $250,000 and who subsequently does exceed such amount, to file an amended declaration within 24 hours after exceeding such amount.

Allows a candidate to repay a personal loan in connection with the candidate's campaign from contributions made to such candidate or any authorized committee of such candidate. Prohibits the repayment of any interest on the principal amount of such loan.

Prohibits a candidate from making expenditures from personal funds or family funds, or from incurring personal loans in connection with the election campaign at any time within 60 days before such election.

Requires semiannual reports by a party political committee with respect to payments to such committee to defray establishment, administration, and solicitation costs.

Requires the national committee of a political party to include in specified reports all funds received and disbursements made for purposes other than to influence a Federal election (soft money).

Provides for the accountability of contributions made by intermediaries or conduits to political action committees.

Title II: Bipartisan Commission on Congressional Campaign Financing - Bipartisan Commission and Congressional Campaign Financing Act - Establishes the Bipartisan Commission on Congressional Campaign Financing to develop a means of campaign financing which: (1) promotes the availability of qualified candidates for congressional office; (2) permits candidates, irrespective of their personal financial resources, the opportunity to communicate effectively with the electorate; (3) protects the integrity of the legislative process; (4) promotes participation of political parties in the electoral and legislative processes; and (5) promotes public confidence in both the electoral and legislative processes. Declares that such Commission shall consider and study Federal laws and regulations and public commentary relating to financing congressional election campaigns.

Requires the Commission to consider specified aspects of congressional campaign financing and candidates' financial disclosure. Requires the Commission, on the basis of its consideration and study, to make findings and recommendations to promote the congressional policy on campaign financing.

Directs the Director of the Congressional Research Service and the Chairman of the Federal Election Commission to provide the Commission with pertinent briefing papers within two months of enactment of this title.

Authorizes appropriations.