Free Political Broadcasting Act of 1986

Free Political Broadcasting Act of 1986 - Amends the Federal Election Campaign Act of 1971 to require radio and television stations licensed under the Communications Act of 1934, community antenna television stations, and radio and television networks to provide free broadcast time during the prime time access period to the national committees of political parties for allocation to eligible candidates in congressional and presidential elections. Defines the prime time access period as the period from 7:30 p.m. to 8:00 p.m., local time, weekdays.

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 radio and 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 with the administration of election laws as possible.

Requires the Commission to report annually to the Senate 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.