Amends TCA Title 2; Title 3 and Title 4, Chapter 55.

This bill creates a campaign finance reform commission, composed of 10 members appointed as follows: (1) Three members to be appointed by the speaker of the senate; (2) Three members to be appointed by the speaker of the house of representatives; (3) Three members to be appointed by the governor; and (4) One member to be appointed by the comptroller. This bill provides for staggered terms for the initial appointees, and thereafter members will serve terms of four years. The committee will be attached to the bureau of ethics and campaign finance for administrative purposes. Members of the commission will not receive compensation for their service on the commission, and the members will not be entitled to per diem or travel expenses for the purposes of carrying out their duties. The commission will meet no less than quarterly. The duties of the commission are: (1) To evaluate the current practices of the bureau of ethics and campaign finance, including recommending changes to such practices; (2) To examine the composition of the bureau of ethics and campaign finance; (3) To examine the frequency and timing of campaign finance reports filed by members of the general assembly; (4) To strictly monitor filings; (5) To examine whether penalties and fines are consistent and uniform in application, including penalties and fines for same level offenses, late filings, erroneous filings, and failing to file; (6) To examine the period for payment of such penalties and fines; (7) To examine the source of funds used to pay such penalties and fines; and (8) To examine the disposition, reporting, and use of retained campaign funds after an elected official is no longer in office. This bill requires the commission to issue an annual report on campaign finance and ethical issues consistent with its duties under this bill, and on the current and future activities of the commission, and to submit the report to the governor, the speaker of the senate, the speaker of the house of representatives, and the comptroller of the treasury no later than December 1 of each year.