I mean, you say that, mainiac, but the more oversight, the better countries tend to do. While there is always the risk of failure or corruption, there's a reason why the USA prospered and the USSR didn't.
I'm personally in favor of changing the media and political systems, rather than creating a oligarchical commission. If you can change the way voters are presented with information to be more robust, honest, and even-handed (and yes, I do believe in the idea of objective truth, even if it's hard to find, so don't bother with that front), then you can probably make some significant strides. Same if you can get something like ranked election voting so that it's not about just a plurality of diehard supporters. Get rid of gerrymandering, put restrictions on lobbying (an investment into politics should not have a return rate in the tens of thousands, period)(don't get rid of it though it does have a fairly important role, though I'd really like for it be via a different means, perhaps), term limits on Congressmen (maybe like four terms for Senators, six for Representatives?), I don't even know if I care what the first-past-the-post system is replaced with.
I remember there once was a law about needing to provide news coverage, or in a certain way, or something, which networks usually wouldn't provide because they were a money sink. But Reagan got rid of it (most regulations that once existed and are now gone seem like Reagan got rid of 'em, good and bad alike). :/