Campaign Finance Reform Act of 1986

Campaign Finance Reform Act of 1986 - Amends the Federal Election Campaign Act of 1971 to decrease the amount one multicandidate political committee may contribute to any other political committee.

Limits to $25,000 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.

Establishes a formula for multicandidate political committee contributions to candidates for the Senate based upon State populations and limited to an aggregate total of $375,000.

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.

Amends the Federal Election Campaign Act of 1971 to prohibit amounts received by a candidate for Federal office as contributions from being contributed to candidates for State or local office or for support of any political activity at the State or local level.