Establishes a Journalistic Ethics Commission within the Department of Commerce and Consumer Affairs. Establishes a Journalistic Code of Ethics. Requires news media outlets to provide training in the ethics of journalism to journalists and editors in their employ. Establishes a Journalistic Ethics Review Board to be administratively attached to the Department of Commerce and Consumer Affairs. Requires the Journalistic Ethics Review Board to handle complaints and appeals regarding violations of the Journalistic Code of Ethics. Requires the Journalistic Ethics Commission to submit annual reports to the Legislature. Establishes penalties for violations. Requires the Board of Regents of the University of Hawaii to conduct an analysis of the journalism program at the University of Hawaii at Manoa College of Social Sciences. Requires the Board of Regents to report to the Legislature.