Federal Trade Commission Act Amendments of 1987

Federal Trade Commission Act Amendments of 1987 - Amends the Federal Trade Commission Act to deny authority to the Federal Trade Commission (FTC) to find a method of competition unfair (in any action under the Sherman Act) if such method of competition would be held to constitute State action.

Prohibits the FTC from instituting a civil action, in cases involving consent orders, to obtain civil penalties for unfair or deceptive acts or practices.

Permits a district court to review certain FTC determinations of law which found an act or practice unfair or deceptive.

Revises the effective dates for cease and desist orders issued by the FTC. Applies FTC civil investigative demand procedures only to acts, practices, or methods of competition declared unlawful by a law.

Denies the FTC authority to: (1) study, investigate, or prosecute agricultural cooperatives for any action not in violation of antitrust Acts; or (2) study or investigate agricultural marketing orders.

Provides for congressional review and veto of final rules promulgated by the FTC. Makes any such rule effective unless a joint resolution of disapproval is enacted into law within 90 days of the rule's submission.

Prohibits the FTC from intervening in the proceedings of any Federal or State agency: (1) unless required by Federal law; or (2) without first notifying specified congressional committees.

Authorizes appropriations for FY 1988 through 1990.

Directs the FTC to conduct a study of advertising which uses the offering of the opportunity to receive something of value as an inducement to purchase that which is being advertised. Requires the FTC to submit the results of such study to specified congressional committees within one year of the date of enactment of this Act.

Directs the FTC to submit reports to specified congressional committees on instances in which: (1) resale price maintenance has been suspected or alleged; and (2) predatory pricing practices have been suspected or alleged.

Directs the FTC to study: (1) the marketing, sale, cost, and coverage of health insurance for the elderly; and (2) the increase in property and casualty insurance rates to small business owners, local governments, physicians, dentists, and child care centers.