Campaign Reform Act of 1986

Campaign Reform Act of 1986 - Amends the Federal Election Campaign Act of 1971 to: (1) increase dollar limits on personal contributions to candidates and their authorized political committees; and (2) decrease the amount one multicandidate political committee may contribute to any other 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 $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 State populations 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.

Amends the Communications Act of 1934 to require any station licensee which allows a person to broadcast material endorsing or opposing a candidate to provide the candidate opposing the endorsed candidate, or to the candidate opposed by the material, the opportunity to use the same amount of broadcasting time, without charge, during the same period of the day.