Informed Electorate Act of 1987

Informed Electorate Act of 1987 - Amends the Federal Election Campaign Act of 1971 to require television stations licensed under the Communications Act of 1934 to provide free broadcast time during the prime time access period (7:30 p.m. to 8:00 p.m., local time, weekdays) to party committees for allocation to eligible candidates in congressional elections. Provides that allocations may be made to candidates exclusively through the Senatorial and Congressional Campaign Committees, in the case of major parties, and in the case of minor parties, to the qualified party organization or committee.

Sets forth restrictions on the use of allotted time periods and procedures to establish eligibility for such time periods.

Declares that news program and public service program appearances at the invitation of stations shall not be attributable to broadcast time allotments.

Makes the equal time rule inapplicable to the use of television facilities for free broadcast time under this Act.

Authorizes the Federal Election Commission to conduct examinations, audits, and investigations, and to require recordkeeping as necessary to carry out this Act. Directs the Commission to consult with congressional and Federal officers to develop as much consistency and coordination as possible in the administration of election laws.

Requires the Commission to report to the Congress after each election on the amount of free time certified as exempt under the equal time rule.

Provides for participation by the Commission in judicial proceedings and judicial review of Commission actions. Provides civil and criminal penalties for violations of this Act.

Requires the Commission to report to the Congress on the efficacy of the programs resulting from provisions of this Act.

Authorizes appropriations.