I 

118TH CONGRESS 

2D SESSION H. R. 9839 

To amend title 39, United States Code, to modernize the Postal Service 

regulations, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

SEPTEMBER 25, 2024 

Mr. LATURNER introduced the following bill; which was referred to the 

Committee on Oversight and Accountability 

A BILL 

To amend title 39, United States Code, to modernize the 

Postal Service regulations, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. MODERNIZING POSTAL REGULATIONS. 

4 (a) COST AND EFFICIENCY REFORMS.— 

5 (1) IN GENERAL.—Section 3622(d) of title 39, 

6 United States Code, is amended— 

7 (A) in paragraph (1)(A), by striking ‘‘to be 

8 set by’’ and all that follows and inserting the 

9 following: ‘‘equal to the amount that is the dif10 ference between— 


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1 ‘‘(i) the percentage change in the 

2 Consumer Price Index for All Urban Con3 sumers unadjusted for seasonal variation 

4 over the most recent available 12-month 

5 period preceding the date the Postal Serv6 ice files notice of its intention to increase 

7 rates; and 

8 ‘‘(ii) a percentage determined by the 

9 Commission to be sufficient to ensure that 

10 the rate of cost growth of the Postal Serv11 ice will be significantly less than the per12 centage change described in clause (i) (but 

13 not less than zero);’’; and 

14 (B) by amending paragraph (3) to read as 

15 follows: 

16 ‘‘(3) REVISIONS.—In revising the system as 

17 permitted by subsection (a), the Postal Regulatory 

18 Commission shall make no change which would 

19 cause the revised system to be inconsistent with this 

20 section.’’. 

21 (2) REGULATIONS.—Not later than 60 days 

22 after the date of the enactment of this Act, the Post23 al Regulatory Commission shall issue such regula24 tions as are necessary to carry out section 


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1 3622(d)(1)(A) of title 39, United States Code, as 

2 amended by this subsection. 

3 (b) SANCTIONS FOR CERTAIN FAILURES OF SERV4 ICE.— 

5 (1) IN GENERAL.—Subchapter VII of chapter 

6 36 of title 39, United States Code, is amended by 

7 adding at the end the following new section: 

8 ‘‘§ 3693. Sanctions. 

9 ‘‘(a) IN GENERAL.—If, pursuant to section 3653 or 

10 a complaint proceeding conducted pursuant to section 

11 3662, the Postal Regulatory Commission determines that 

12 the Postal Service failed to meet a target established 

13 under section 3692 and that such failure is a covered fail14 ure, the Commission may reduce the maximum amount 

15 by which the Postal Service may adjust the rates for the 

16 market-dominant products affected by such failure under 

17 section 3622, except that such reduction may not cause 

18 such maximum amount to be less than zero. In making 

19 such determination, the Commission shall consider evi20 dence of losses incurred by users of the product or prod21 ucts concerned as a result of the failure. 

22 ‘‘(b) APPLICABILITY.— 

23 ‘‘(1) IN GENERAL.—A reduction under sub24 section (a) to the maximum amount by which the 

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1 dominant product under section 3622 shall apply 

2 only with respect to— 

3 ‘‘(A) the first implementation of such an 

4 adjustment for such market-dominant product 

5 occurring during the period beginning on the 

6 date on which the Postal Regulatory Commis7 sion makes such reduction and ending on the 

8 date on which Commission determines that the 

9 Postal Service is meeting the target established 

10 under section 3692 with respect to which the 

11 Commission made such reduction; and 

12 ‘‘(B) each subsequent implementation of 

13 such an adjustment for such market-dominant 

14 product occurring during such period to the ex15 tent determined appropriate by the Commis16 sion. 

17 ‘‘(2) SUBSEQUENT IMPLEMENTATION DETER18 MINATION.—In making the determination described 

19 in paragraph (1)(B) with respect to a reduction for 

20 a failure described in subsection (a), the Postal Reg21 ulatory Commission shall consider evidence of losses 

22 incurred by users of each product affected by such 

23 failure. 


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1 ‘‘(c) COVERED FAILURE DEFINED.—In this section, 

2 the term ‘covered failure’ means a failure to meet a target 

3 established under section 3692— 

4 ‘‘(1) that is not the result of a natural disaster 

5 or another disruptive event the cause of which was 

6 outside the control of the Postal Service; 

7 ‘‘(2) that has persisted for a material period of 

8 time; and 

9 ‘‘(3) with respect to which the Postal Service 

10 does not have a credible plan for achieving and 

11 maintaining performance sufficient to meet the tar12 geted level within a reasonable time.’’. 

13 (2) CLERICAL AMENDMENT.—The table of sec14 tions for chapter 36 of title 39, United States Code, 

15 is amended by inserting after the item relating to 

16 section 3692 the following: 

‘‘3693. Sanctions.’’. 

17 (c) IMPROVING CHANGE-IN-SERVICE PROCE18 DURES.—Section 3661 of title 39, United States Code, is 

19 amended— 

20 (1) in subsection (b)— 

21 (A) by striking ‘‘When the’’ and insert 

22 ‘‘(1) When the’’; 

23 (B) by striking ‘‘advisory opinion’’ and in24 serting ‘‘a decision’’; and 


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1 (C) by adding at the end the following new 

2 paragraph: 

3 ‘‘(2)(A) In the absence of a decision with re4 spect to a proposal under paragraph (1), if the Com5 mission determines that a plan or initiative of the 

6 Postal Service clearly indicates the need for a 

7 change described in such paragraph but such plan or 

8 initiative does explicitly make such a change a pur9 pose or goal of such plan or initiative, the Commis10 sion shall order the Postal Service to explain why 

11 the Postal Service determined that the Postal Serv12 ice did not need to submit a proposal to the Com13 mission under such paragraph with respect to such 

14 plan or initiative. 

15 ‘‘(B) An order under subparagraph (A) pursu16 ant to a determination of the Commission described 

17 in such subparagraph shall include an explanation of 

18 the reasoning for such determination. 

19 ‘‘(C)(i) If the Commission determines that the 

20 explanation of the Postal Service provided pursuant 

21 to subparagraph (A) is not sufficient to support the 

22 determination of the Postal Service that the Postal 

23 Service did not need to submit a proposal to the 

24 Commission under paragraph (1) with respect to a 

25 plan or initiative, the Postal Service shall justify the 


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1 change in the nature of postal services implied by 

2 the plan or initiative and, to the extent necessary, 

3 justify the underlying plan or initiative in a hearing 

4 before the Commission. 

5 ‘‘(ii) Each hearing under clause (i) shall be con6 ducted in accordance with sections 556 and 556 of 

7 title 5. 

8 ‘‘(3) Each decision of the Postal Regulatory 

9 Commission under this subsection shall be trans10 mitted to the Governors of the Postal Service. The 

11 Governors may accept the decision or, by unanimous 

12 written decision, reject the decision and adopt the 

13 original proposal of the Postal Service, in the case 

14 of a request by the Postal Service for a decision, or 

15 approve the plan or initiative found by the Commis16 sion to have required a decision under paragraph 

17 (2). The decision of the Governors shall be a final 

18 order for purposes of section 3663 of this title. If 

19 the Governors have not acted upon a Commission 

20 decision within 60 days of receiving it, the Commis21 sion decision will be deemed a final order for pur22 poses of section 3663 of this title.’’; and 

23 (2) in subsection (c)— 


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1 (A) by inserting ‘‘designated pursuant to 

2 section 505 of this title’’ after ‘‘officer of the 

3 Commission’’; and 

4 (B) by striking ‘‘his judgment’’ and insert5 ing ‘‘the judgment of such Commissioner’’. 

6 (d) ONE RATE INCREASE ANNUALLY.—Section 

7 3622(d)(1)(B) of title 39, United States Code, is amended 

8 by inserting after ‘‘amounts’’ the following: ‘‘, except that 

9 rates may not change more frequently than once every 12 

10 months’’. 

11 (e) LIMIT ON UNDERWATER SURCHARGES.—Section 

12 3622(d)(2) of title 39, United States Code, is amended 

13 by adding at the end the following new subparagraph: 

14 ‘‘(D) USE OF RATE AUTHORITY FOR NON15 COMPENSATORY CLASSES.— 

16 ‘‘(i) LIMITATION.—Notwithstanding 

17 paragraph (1)(A), the Commission may au18 thorize the Postal Service to increase the 

19 rates for a non-compensatory class in ex20 cess of annual limitation under paragraph 

21 (1)(A) if— 

22 ‘‘(I) the change in the attrib23 utable cost (as such term is defined in 

24 section 3631) per piece of mail for 

25 such class does not exceed the annual 


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1 limitation under paragraph (1)(A), as 

2 determined using year-to-year com3 parable costing methodologies; 

4 ‘‘(II) in the immediately pre5 ceding fiscal year, the Postal Service 

6 has— 

7 ‘‘(aa) pursuant to section 

8 3652 and without the use of any 

9 proxy data not approved by the 

10 Commission, directly measured 

11 and reported the compliance of 

12 the Postal Service with the tar13 gets established under section 

14 3692 for each product in such 

15 class for such fiscal year; and 

16 ‘‘(bb) met each such target 

17 for such fiscal year; and 

18 ‘‘(III) no target described in sub19 clause (II) for the immediately pre20 ceding fiscal year was reduced from 

21 the preceding fiscal year. 

22 ‘‘(ii) NON-COMPENSATORY CLASS DE23 FINED.—In this subparagraph, the term 

24 ‘non-compensatory class’ means a class of 

25 mail for which the attributable costs (as 


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1 defined in section 3631(b)) of the Postal 

2 Service exceed revenues of the Postal Serv3 ice attributable to such class of mail.’’. 

4 (f) CASE-SPECIFIC OBJECTIVES.—Section 3622 of 

5 title 39, United States Code, is amended— 

6 (1) in subsection (b), in the matter preceding 

7 paragraph (1), by inserting ‘‘, and all of which shall 

8 be applied to each class or type of mail service and 

9 product’’ after ‘‘others’’; and 

10 (2) in subsection (c), in the matter preceding 

11 paragraph (1), by inserting after ‘‘such system,’’ the 

12 following: ‘‘or when evaluating whether a class or 

13 type of mail service or product complies with the ap14 plicable provisions of this chapter and the regula15 tions issues under such provisions,’’. 

16 (g) RETAINED EARNINGS FROM COST SAVINGS.— 

17 Section 3622(b)(5) of title 39, United States Code, is 

18 amended by inserting after ‘‘retained earnings’’ the fol19 lowing: ‘‘resulting from improvements in efficiency or re20 ductions in cost only’’. 

21 (h) OFFICE OF THE CUSTOMER ADVOCATE.— 

22 (1) IN GENERAL.—Section 505 of title 39, 

23 United States Code, is amended to read as follows: 


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1 ‘‘§ 505. Office of the Customer Advocate 

2 ‘‘(a) IN GENERAL.—The Postal Regulatory Commis3 sion shall establish in the Postal Regulatory Commission 

4 an Office of the Customer Advocate (in this section re5 ferred to as the ‘Office’). 

6 ‘‘(b) REPRESENTATION.— 

7 ‘‘(1) IN GENERAL.—The Office shall represent 

8 the interests of the general public in all public pro9 ceedings of the Commission, including the interests 

10 of customers of market-dominant products and 

11 classes. 

12 ‘‘(2) RIGHTS AND LIMITS.— 

13 ‘‘(A) IN GENERAL.—The Office— 

14 ‘‘(i) shall have the same right as any 

15 interested person to lodge a complaint with 

16 or petition the Commission, or otherwise 

17 seek to have the Commission initiate a 

18 public proceeding, including rulemakings; 

19 and 

20 ‘‘(ii) is subject to the same ex parte 

21 rules and limitations as any other litigant 

22 with respect to communication with the 

23 Commission, Commissioners, and the advi24 sory staff of the Commission. 

25 ‘‘(B) REPRESENT CONFLICTING INTER26 EST.— 


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1 ‘‘(i) IN GENERAL.—The Office may 

2 represent conflicting interests of the gen3 eral public in a public proceeding of the 

4 Commission to the extent that the head of 

5 the Office determines necessary for the Of6 fice to effectively represent the interests of 

7 the general public in such proceeding. 

8 ‘‘(ii) SEPARATE REPRESENTATIVES.— 

9 If the Office is representing conflicting in10 terests of the general public in a public 

11 proceeding of the Commission, the head of 

12 the Office shall ensure that such con13 flicting interests are represented by dif14 ferent individuals to the extent and in such 

15 manner as the head of the Office deter16 mines necessary for the Office to effec17 tively represent the interests of the general 

18 public in such proceeding. 

19 ‘‘(3) OFFICE AUTONOMY.—The Commission 

20 may not terminate or otherwise take adverse employ21 ment action against any employee of or individual 

22 detailed to the Office based on the representation of 

23 the interests of the general public by such employee 

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1 fice, respectively, in a public proceeding of the Com2 mission, except for cause. 

3 ‘‘(c) RESEARCH AUTHORITY.—The Office may— 

4 ‘‘(1) conduct research and policy development 

5 for the purposes of representing the interests of the 

6 general public, including research and policy develop7 ment that is unrelated to a specific proceeding of the 

8 Commission; and 

9 ‘‘(2) subject to the availability of funds, obtain 

10 the temporary or intermittent services of experts or 

11 consultants for such purposes. 

12 ‘‘(d) OUTSIDE CONSULTATION.—The Office shall 

13 consult with outside persons and organizations whose 

14 postal interests are relevant to the mission of the Office, 

15 including those persons and organizations that are actual 

16 or potential litigants before the Commission. 

17 ‘‘(e) RATE AND CLASSIFICATION INQUIRY.—The Of18 fice shall inquire into the rates and classifications of com19 petitive products only to the extent necessary to evaluate 

20 compliance with sections 3622(b)(8) and 3622(b)(9) of 

21 this title, subchapter II of chapter 36 of this title, and 

22 the regulations issued under such subchapter. 

23 ‘‘(f) OFFICE STAFF.—The Commission shall ensure 

24 that, to the extent practicable, the Office has employees 

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1 tively carry out the responsibilities of the Office under this 

2 section, including by maximizing the duration of the detail 

3 of individuals detailed to the Office.’’. 

4 (2) CLERICAL AMENDMENT.—The table of sec5 tions for chapter 5 of title 39, United States Code, 

6 is amended by striking the item relating to section 

7 505 and inserting the following: 

‘‘505. Office of the Customer Advocate.’’. 

8 (i) COMPLAINT PROCESS IMPROVEMENT.—Section 

9 3662 of title 39, United States Code, is amended— 

10 (1) in subsection (b)— 

11 (A) in paragraph (1)— 

12 (i) in the matter preceding subpara13 graph (A)— 

14 (I) by striking ‘‘The Postal’’ and 

15 inserting ‘‘With respect to a complaint 

16 received under subsection (a), the 

17 Postal’’; and 

18 (II) by striking ‘‘, within 90 days 

19 after receiving a complaint under sub20 section (a)’’; and 

21 (ii) in subparagraph (A)— 

22 (I) by striking clause (i) and in23 serting the following: 

24 ‘‘(i) begin proceedings on such com25 plaint— 


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1 ‘‘(I) immediately after the expira2 tion of the period described in para3 graph (3) if the Commission finds 

4 that such complaint raises material 

5 issues of fact or law and no motion 

6 described in clause (ii) with respect to 

7 such complaint is filed in such period; 

8 ‘‘(II) immediately after the Com9 mission denies all motions described 

10 in clause (ii) with respect to such 

11 complaint that were filed during the 

12 period described in paragraph (3) if 

13 the Commission finds that such com14 plaint raises material issues of fact or 

15 law and all such motions are denied 

16 not later than 45 days after the date 

17 on which the Commission received 

18 such complaint under such subsection; 

19 or 

20 ‘‘(III) not later than 45 days 

21 after the date on which the Commis22 sion receives such complaint under 

23 such subsection if subclause (I) and 

24 (II) do not apply with respect to such 

25 complaint; or’’; and 


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1 (II) in clause (ii)— 

2 (aa) by inserting before 

3 ‘‘issue’’ the following: ‘‘if the 

4 Commission finds that, after con5 sideration of any motion assert6 ing that such complaint raises no 

7 material issues of law or fact, 

8 that such complaint raises no 

9 such issue, upon making such 

10 finding’’; and 

11 (bb) by inserting ‘‘within 45 

12 days after receiving such com13 plaint under such subsection’’ 

14 after ‘‘dismissing the complaint’’; 

15 and 

16 (B) by adding at the end the following new 

17 paragraph: 

18 ‘‘(3) PROMPT MOTIONS.—A motion described in 

19 subparagraph (A)(ii) with respect to a complaint 

20 may only be filed during the 25-day period begin21 ning on date on which such complaint is filed, or 

22 during such shorter period as the Postal Regulatory 

23 Commission may prescribed by regulation.’’; and 

24 (2) in subsection (c)— 


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1 (A) by striking ‘‘or requiring’’ and insert2 ing ‘‘requiring’’; and 

3 (B) by inserting after ‘‘competitive prod4 ucts’’ the following: ‘‘or, upon a finding that 

5 the Postal Service has unreasonably delayed the 

6 proceeding, ordering reimbursement consistent 

7 with section 3681’’. 

8 (j) REIMBURSEMENT OF UNLAWFUL RATES; PEN9 ALTY FOR UNREASONABLE DELAY.—Section 3681 of title 

10 39, United States Code, is amended— 

11 (1) by striking ‘‘No mailer’’ and inserting ‘‘(a) 

12 No mailer’’; 

13 (2) by striking ‘‘through 3664 of this title, or 

14 is superseded by a lower rate or fee established 

15 under subchapter II of this chapter’’; and 

16 (3) by adding at the end the following new sub17 section: 

18 ‘‘(b)(1)(A) If the Postal Regulatory Commissions de19 termines that a rate or fee for a product is unlawful in 

20 a review conducted pursuant to section 3653 of this title 

21 or in a complaint proceeding conducted pursuant to sec22 tion 3662 of this title, the Commission shall order the 

23 price increase authority for such product and all other 

24 products in the class of mail containing such product to 

25 be reduced (but not below zero) for the next following 


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1 price adjustment and each succeeding price adjustments 

2 until the amount of foregone revenue is equal to amount 

3 of revenue received by the Postal Service from the portion 

4 of such rate or fee that exceeded the lawful amount such 

5 rate or fee. 

6 ‘‘(B) In this paragraph, the term ‘foregone revenue’ 

7 means the difference between— 

8 ‘‘(i) the revenue that the Postal Service would 

9 have received from the sale of the products subject 

10 to an order under subparagraph (A) during the pe11 riod that the Postal Service is unable to increase the 

12 prices of such products pursuant to such order if— 

13 ‘‘(I) the Commission had not issued such 

14 order; and 

15 ‘‘(II) the rate or fee for the product with 

16 the unlawful rate or fee for which the Commis17 sion issued such order was the maximum lawful 

18 rate or fee for such product at the time the 

19 Commission issued such order; and 

20 ‘‘(ii) the revenue the Postal Service receives 

21 from the sale of the products subject to such order 

22 during such period. 

23 ‘‘(2)(A) In a complaint proceeding conducted pursu24 ant to section 3662 of this title, if the Postal Regulatory 

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1 ably delayed the proceeding, the Commission may order 

2 a reduction in the price increase authority for the product 

3 or products whose rate or fee it has determined to be un4 lawful to the extent that the unreasonable delay caused 

5 by the Postal Service has extended the time during which 

6 users of such product or products have paid the unlawful 

7 rate or fee. 

8 ‘‘(B) A reduction under subparagraph (A) shall be 

9 in addition to any reduction under paragraph (1). 

10 ‘‘(C) The Commission shall include in an order under 

11 subparagraph (A) with respect to the unreasonably delay 

12 of a proceeding an explanation of the basis for the deter13 mination of the Commission regarding the time such pro14 ceeding would have required absent such unreasonable 

15 delay.’’. 

16 (k) MAIL VOLUME SYSTEM OBJECTIVE.—Section 

17 3622(b) of title 39, United States Code, is amended— 

18 (1) by redesignating paragraph (9) as para19 graph (10); and 

20 (2) by inserting after paragraph (8) the fol21 lowing new paragraph: 

22 ‘‘(9) To maintain and, to the extent practicable, 

23 increase the volume of market-dominant mail, with 

24 due regard to total contribution to the institutional 

25 costs of the Postal Service.’’. 


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1 (l) NEW PRODUCT DEFINITION CRITERIA.—Section 

2 3642(b)(3) of title 39, United States Code, is amended— 

3 (1) in subparagraph (B), by striking ‘‘and’’; 

4 (2) in subparagraph (C), by striking the period 

5 at the end and inserting ‘‘; and’’; and 

6 (3) by adding at the end the following new sub7 paragraph: 

8 ‘‘(D) the importance of paragraphs (7), 

9 (8), and (11) of section 3622(c) of this title in 

10 the appropriate definition of market-dominant 

11 products.’’. 

12 (m) MAIL VOLUME ESTIMATION MODEL.— 

13 (1) IN GENERAL.—Not later than 120 days 

14 after the date of the enactment of this Act, the Post15 al Regulatory Commission shall develop a model for 

16 estimating the demand for postal services. 

17 (2) INDEPENDENT DEVELOPMENT.—The Com18 mission may not consider any models for estimating 

19 demand developed by the Postal Service when devel20 oping the model required under this subsection. 

21 (3) PUBLIC COMMENT.—In developing the 

22 model required under this subsection, the Postal 

23 Regulatory Commission shall solicit and provide ade24 quate opportunity for public comment regarding the 

25 model. 


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1 (4) REGULATIONS.—The Postal Regulatory 

2 Commission may issue such regulations, after notice 

3 and comment in accordance with section 553 of title 

4 5, United States Code, as the Commission deter5 mines necessary to develop the model required under 

6 this subsection. 

7 (5) EXPERT ADVISORS.—The Commission may 

8 obtain the temporary or intermittent services of ex9 perts or consultants to facilitate the development of 

10 the model required under this subsection. 

11 (n) LABOR DISPUTE ARBITRATION CONSIDER12 ATIONS.—Section 1207(c)(2) of title 39, United States 

13 Code, is amended by inserting after ‘‘they may elect.’’ the 

14 following: ‘‘When making a decision, the arbitration board 

15 shall consider the current and, to the extent practicable, 

16 projected financial condition of the Postal Service in addi17 tion to any other relevant considerations.’’. 

18 SEC. 2. INVESTMENT OF THE POSTAL SERVICE RETIREE 

19 HEALTH BENEFITS FUNDS. 

20 Section 8909a(c) of title 5, United States Code, is 

21 amended— 

22 (1) by striking ‘‘(c) The Secretary’’ and insert23 ing ‘‘(c)(1) Subject to paragraph (2), the Sec24 retary’’; and 

25 (2) by adding at the end the following: 


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1 ‘‘(2)(A) The Secretary of the Treasury shall im2 mediately invest a specified percentage of the Fund, 

3 using one or more qualified professional asset man4 agers, in index funds modeled after those established 

5 under subparagraphs (B), (C), (D), and (E) of sec6 tion 8438(b)(1). The Secretary shall ensure, to the 

7 maximum extent practicable, that the investment 

8 replicates the performance of the longest-term target 

9 date asset allocation investment fund established by 

10 the Federal Retirement Thrift Investment Board. 

11 ‘‘(B) In exercising authority under subpara12 graph (A), including in the selection of specific 

13 qualified professional asset managers and in the de14 velopment of specific investment guidelines to meet 

15 the requirement of such subparagraph, the Secretary 

16 shall consult with the Postal Service Retiree Health 

17 Benefits Fund Investment Committee. 

18 ‘‘(C)(i) There is established a Postal Service 

19 Retiree Health Benefits Fund Investment Com20 mittee that shall consist of— 

21 ‘‘(I) the Secretary; 

22 ‘‘(II) the Chair of the Board of Governors 

23 of the United States Postal Service; 

24 ‘‘(III) the Chairman of the Federal Retire25 ment Thrift Investment Board; and 


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1 ‘‘(IV) two members, appointed by the 

2 President, who— 

3 ‘‘(aa) shall represent the interests of 

4 Postal Service employees and annuitants; 

5 ‘‘(bb) have experience and expertise in 

6 the management of financial investments 

7 and Postal Service employee benefits; and 

8 ‘‘(cc) shall serve for a term of 3 years. 

9 ‘‘(ii) Subsections (b)(1) and (c)(2) of section 

10 8477 shall apply with respect to the Postal Service 

11 Retiree Health Benefits Fund Investment Com12 mittee and each member of the Postal Service Re13 tiree Health Benefits Fund Investment Committee 

14 in the same manner as such subsections apply to a 

15 fiduciary with respect to the Thrift Savings Fund. 

16 ‘‘(D)(i) The Secretary shall annually engage an 

17 independent qualified public accountant (as defined 

18 in section 8439) to audit and provide a report on the 

19 financial statements of the investments made pursu20 ant to subparagraph (A). 

21 ‘‘(ii) Not later than 180 days after the end of 

22 each fiscal year beginning after the date of the en23 actment of this paragraph, the Secretary shall sub24 mit to Congress an annual management report re25 garding the Fund that includes— 


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1 ‘‘(I) a statement of financial position; 

2 ‘‘(II) a statement of operations; 

3 ‘‘(III) a statement of cash flows; 

4 ‘‘(IV) a statement on internal accounting 

5 and administrative control systems; 

6 ‘‘(V) the most recent report resulting from 

7 an audit of the financial statements of the in8 vestments conducted under clause (i); and 

9 ‘‘(VI) any other comments and information 

10 the Secretary determines necessary to inform 

11 the Congress about the operations and financial 

12 condition of the investments. 

13 ‘‘(E) In this paragraph— 

14 ‘‘(i) the term ‘specified percentage’ means 

15 25 percent of the currently available portions of 

16 the Fund as are not immediately required for 

17 payments from the Fund, except that the Post18 al Service Retiree Health Benefits Fund Invest19 ment Committee may specify a higher percent20 age, not to exceed 30 percent, not earlier than 

21 5 years after the date of enactment of the Post22 al Service Financial Improvement Act of 2019, 

23 and as appropriate thereafter; and 


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1 ‘‘(ii) the term ‘qualified professional asset 

2 manager’ has the meaning given that term in 

3 section 8438(a).’’. 

Æ 


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