The bill forbids the current Head of State to run for the same post and proposes early general elections.
Likewise, the bill indicates the term in office of the President and Vice-President of Peru would end on July 28, 2020. Meanwhile, lawmakers' and Andean Parliament representatives' tenure would end on July 26, 2020.
The proposal also prohibits presidential reelection.
"The goal of this initiative is to overcome the climate of political tension that has marked this period, by renewing the Executive and Legislative Branches that contribute to the country's institutional strengthening, as well as the economic and social stability in order to lay the foundations for a sustainable growth in the upcoming years," the document reads.
According to the proposal, the general elections would take place on the third Sunday of April 2020.
The initiative will be made official through a constitutional reform to be consulted with citizens via referendum.