Transition Team Ethics Improvement Act This bill establishes ethics requirements for a President-elect's transition team. The bill requires each President-elect or Vice-President-elect, not later than 10 days after submitting an application for a security clearance for an individual and not later than 10 days after any such individual is granted a security clearance, to report to Congress with the name of such individual. The Federal Transition Coordinator must negotiate a memorandum of understanding with the transition representative of each eligible candidate by October 1 (currently November 1) of a year during which a presidential election occurs. Each memorandum of understanding shall include an agreement that the eligible candidate will implement and enforce an ethics plan to guide the conduct of the transition beginning on the date on which the candidate becomes the President-elect. The ethics plan shall include a description of the ethics requirements that will apply to all transition team members; a description of how the transition team will address the role on the team of registered lobbyists, former registered lobbyists, persons registered under the Foreign Agents Registration Act, foreign nationals, other foreign agents, and transition team members with sources of income or clients that are not disclosed to the public; a Code of Ethical Conduct, to which each transition team member will sign and be subject to, that meets specified requirements; and a description of how the transition team will enforce the Code of Ethical Conduct.