What exactly are your concerns? The bill seems to be full of a lot of common sense requirements.

As far as protesting, it's a bit late for that. This is now law. Apparently it passed and took effect 7/1/07 in Tennessee. I see this one as much more about protecting stakeholders than "restricting PTOs".

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[B]Local Education Support Group Financial Accountability Act of 2007[/B].
Requires school board to adopt a policy regarding local education support groups. Prohibits the authorization of such groups until a policy has been adopted. Defines student activity funds and school support group organization funds and specifies provisions and restrictions for each. Prohibits a school employee from acting as a treasurer or bookkeeper for a school support organization.
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Basically, the school districts are required to set some policies for support groups (including parent groups, band boosters, etc.). Those groups then need to follow some pretty basic best practices regarding organizational structure, handling of funds, reporting accountability, and assuring activities support the organization's mission.

Which part do you have a problem with?