A bill overhauling campaign finance rules for legislative candidates passed the state House of Representatives on Tuesday over the objection of Republicans and a small number of Democrats who saw the move as a “power play” by leaders to further limit the influence of their party on Beacon Hill.

The bill (H.4087) would newly require legislators and candidates for House and Senate seats to set up depository committees with a bank, similar to statewide candidates. Itemized disclosures would be filed quarterly for the first 18 months of the two-year election cycle, and before the primary and general elections of an election year.

The number of reports for each candidate would increase from five per cycle to nine, and banks would also have to report contribution and expenditure balances monthly.

The bill passed 121-35.

While many Republicans cheered the proposed switch to a reporting system that would require more frequent disclosures of campaign fundraising and spending, GOP leaders objected to changes in the way the director of the Office of Campaign and Political Finance is chosen.

The bill would create a new commission in charge of hiring the director of OCPF that would no longer include the chairs of the Democratic and Republican parties.

House Speaker Robert DeLeo and other supporters said the change would prevent a situation like the one occurring in Washington, D.C., where the Federal Elections Commission has too few members to conduct business.

“I think taking party chairs, both Democrats and Republicans, out of the process is depoliticizing the process. I think it’s the right thing to do,” DeLeo said.

Critics, however, said the reform had the potential to silence Republicans, with no guarantee that anyone in charge of hiring the state’s top campaign finance regulator was a member of the state’s second largest political party.