Campaign Finance Transparency Act This bill revises the composition of the Federal Election Commission by reducing the number of members from six to five with no more than two members allowed to be affiliated with the same party. As under current law, members are appointed by the President with the advice and consent of the Senate. The bill requires the President convene a blue ribbon panel to recommend individuals for appointment as a member of the commission. The bill provides for the appointment of a chair and for powers of the chair and the commission. The bill also revises provisions related to the enforcement of election law violations, audits of political committees, conversion of campaign funds, and other matters.