```

[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[S. 2014 Introduced in Senate (IS)]

112th CONGRESS
  1st Session
                                S. 2014

  To reform the United States Postal Service, and for other purposes.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                           December 16, 2011

   Mr. Akaka introduced the following bill; which was read twice and 
referred to the Committee on Homeland Security and Governmental Affairs

_______________________________________________________________________

                                 A BILL

 
  To reform the United States Postal Service, and for other purposes.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Postal Investment Act of 2011''.

SEC. 2. DEFINITIONS.

    In this Act, the following definitions shall apply:
            (1) Commission.--The term ``Commission'' means the Postal 
        Regulatory Commission.
            (2) Postal service.--The term ``Postal Service'' means the 
        United States Postal Service.

            TITLE I--POSTAL SERVICE RETIREE HEALTH BENEFITS

SEC. 101. SHORT TITLE.

    This title may be cited as the ``Postal Service Retiree Health 
Benefits Act of 2011''.

SEC. 102. POSTAL SERVICE RETIREE HEALTH BENEFITS.

    (a) Postal Service Retiree Health Benefits Fund.--Chapter 89 of 
title 5, United States Code, is amended by striking section 8909a and 
inserting the following:
``Sec. 8909a. Postal Service Retiree Health Benefits Fund
    ``(a) There is in the Treasury of the United States a Postal 
Service Retiree Health Benefits Fund (in this section referred to as 
the `Fund') which shall be administered in accordance with this 
section.
    ``(b) The Fund is available without fiscal year limitation for 
payments required under section 8906(g)(2)(A).
    ``(c)(1) Except as provided under paragraph (2)--
            ``(A) the Secretary of the Treasury shall immediately 
        invest, in interest-bearing securities of the United States 
        such currently available portions of the Fund as are not 
        immediately required for payments from the Fund; and
            ``(B) such investments shall be made in the same manner as 
        investments for the Civil Service Retirement and Disability 
        Fund under section 8348.
    ``(2) After the date of the enactment of the Postal Service Retiree 
Health Benefits Act of 2011 and the appointment of members to the 
Postal Service Retiree Health Benefits Investment Board under 
subsection (e) of this section, the Fund shall be managed and invested 
in accordance with that subsection.
    ``(d)(1) Not later than June 30, 2007, and by June 30 of each 
succeeding year, the Office shall compute the net present value of the 
future payments required under section 8906(g)(2)(A) and attributable 
to the service of Postal Service employees during the most recently 
ended fiscal year.
    ``(2)(A) Not later than June 30, 2007, the Office shall compute, 
and by June 30 of each succeeding year, the Office shall recompute the 
difference between--
            ``(i) the net present value of the excess of future 
        payments required under section 8906(g)(2)(A) for current and 
        future United States Postal Service annuitants as of the end of 
        the fiscal year ending on September 30 of that year; and
            ``(ii)(I) the value of the assets of the Postal Retiree 
        Health Benefits Fund as of the end of the fiscal year ending on 
        September 30 of that year; and
            ``(II) the net present value computed under paragraph (1).
    ``(B) Not later than June 30, 2012, the Office shall compute, and 
by June 30 of each succeeding year shall recompute, a schedule 
including a series of annual installments which provide for the 
liquidation of any liability or surplus by September 30, 2056, or 
within 15 years, whichever is later, of 80 percent of the net present 
value determined under subparagraph (A), including interest at the rate 
used in that computation.
    ``(3)(A) The United States Postal Service shall pay into such 
Fund--
            ``(i) $5,400,000,000, not later than September 30, 2007;
            ``(ii) $5,600,000,000, not later than September 30, 2008;
            ``(iii) $1,400,000,000, not later than September 30, 2009; 
        and
            ``(iv) $5,500,000,000, not later than September 30, 2010.
    ``(B) Not later than September 30, 2012, and by September 30 of 
each succeeding year, the United States Postal Service shall pay into 
such Fund the sum of--
            ``(i) the net present value computed under paragraph (1); 
        and
            ``(ii) except as provided under subparagraph (C), any 
        annual installment computed under paragraph (2)(B).
    ``(C)(i) In this subparagraph, the term `available revenues' means 
the difference between the revenues of the United States Postal Service 
in any fiscal year and the expenses of the United States Postal Service 
in that fiscal year.
    ``(ii) Except as provided under clause (iii), the payment under 
subparagraph (B)(ii) for any fiscal year shall be the lesser of--
            ``(I) the amount which would otherwise be payable under 
        subparagraph (B)(ii) if not for this subparagraph; or
            ``(II) the amount of available revenues.
    ``(iii) The United States Postal Service shall not make a payment 
under subparagraph (B)(ii) for any fiscal year for which the United 
States Postal Service has outstanding debt under section 2005 of title 
39.
    ``(4) Computations under this subsection shall be made consistent 
with the assumptions and methodology used by the Office for financial 
reporting under subchapter II of chapter 35 of title 31.
    ``(5)(A)(i) Any computation or other determination of the Office 
under this subsection shall, upon request of the United States Postal 
Service, be subject to a review by the Postal Regulatory Commission 
under this paragraph.
    ``(ii) Upon receiving a request under clause (i), the Commission 
shall promptly procure the services of an actuary, who shall hold 
membership in the American Academy of Actuaries and shall be qualified 
in the evaluation of healthcare insurance obligations, to conduct a 
review in accordance with generally accepted actuarial practices and 
principles and to provide a report to the Commission containing the 
results of the review. The Commission, upon determining that the report 
satisfies the requirements of this subparagraph, shall approve the 
report, with any comments it may choose to make, and submit it with any 
such comments to the Postal Service, the Office of Personnel 
Management, and Congress.
    ``(B) Upon receiving the report under subparagraph (A), the Office 
of Personnel Management shall reconsider its determination or 
redetermination in light of such report, and shall make any appropriate 
adjustments. The Office shall submit a report containing the results of 
its reconsideration to the Commission, the Postal Service, and 
Congress.
    ``(6) After consultation with the United States Postal Service, the 
Office shall promulgate any regulations the Office determines necessary 
under this subsection.
    ``(e) Postal Service Retiree Health Benefits Investment Board.--
            ``(1) Membership.--The Fund shall have a Postal Service 
        Retiree Health Benefits Investment Board (in this subsection 
        referred to as the `Investment Board') consisting of 5 members, 
        all of whom shall be appointed by the Secretary of the Treasury 
        in consultation with--
                    ``(A) the United States Postal Service;
                    ``(B) the Postal Regulatory Commission;
                    ``(C) the Office of Personnel Management; and
                    ``(D) the several employee groups and bargaining 
                unions representing postal employees.
            ``(2) Qualifications.--Members of the Board shall have 
        substantial experience, training, and expertise in the 
        management of financial investments and pension benefit plans.
            ``(3) Terms.--
                    ``(A) In general.--Except as provided under 
                subparagraph (B), each member shall be appointed for a 
                3-year term.
                    ``(B) Initiated appointments.--The initial members 
                appointed under this paragraph shall be divided into 
                equal groups so nearly as may be, of which 1 group will 
                be appointed for a 1-year term, 1 for a 2-year term, 
                and 1 for a 3-year term.
                    ``(C) Vacancies.--A vacancy in the Investment Board 
                shall not affect the powers of the Investment Board and 
                shall be filled in the same manner as the selection of 
                the member whose departure caused the vacancy.
                    ``(D) Continuation until successor appointed.--Upon 
                the expiration of a term of a member of the Board, that 
                member shall continue to serve until a successor is 
                appointed.
            ``(4) Powers.--The Investment Board shall--
                    ``(A) carry out the duties of the Secretary in 
                relation to the Fund;
                    ``(B) retain independent advisers to assist it in 
                the formulation and adoption of its investment 
                guidelines on the allocation of investment to various 
                types of broad based market indexes and government 
                securities;
                    ``(C) retain independent investment managers to 
                invest the assets of the Fund in a manner consistent 
                with such investment guidelines;
                    ``(D) direct investment of assets in the Fund, 
                under the policies adopted under subparagraph (B);
                    ``(E) pay administrative expenses of the Fund from 
                the assets in the Fund; and
                    ``(F) transfer funds to the Office of Personnel 
                Management to pay benefits payable under subsection (b) 
                from the assets of the Fund.
            ``(5) Rules and administrative powers.--The Investment 
        Board shall have the authority to make rules to govern its 
        operations, utilize agency staff, and contract with outside 
        advisers to provide legal, accounting, investment advisory, or 
        other services necessary for the proper administration of this 
        subsection. In the case of contracts with investment advisory 
        services, compensation for such services may be on a fixed 
        contract fee basis or on such other terms and conditions as are 
        customary for such services.
            ``(6) Quorum.--Three members of the Investment Board 
        constitute a quorum to do business. Investment guidelines shall 
        be adopted by a unanimous vote of the Investment Board. All 
        other decisions of the Investment Board shall be decided by a 
        majority vote of the quorum present. All decisions of the 
        Investment Board shall be entered upon the records of the 
        Investment Board.
            ``(7) Funding.--The expenses of the Investment Board 
        incurred under this subsection shall be paid from the Fund, and 
        shall not exceed 1 percent of the value of the assets of the 
        Fund in any fiscal year.
            ``(8) Delegated powers.--Nothing in this paragraph shall be 
        construed to limit the Secretary's authorities in administering 
        the Fund.
    ``(f) Reporting Requirements and Fiduciary Standards.--The 
following reporting requirements and fiduciary standards shall apply 
with respect to the Fund:
            ``(1) Duties of the investment board.--Members of the 
        Investment Board shall discharge their duties (including the 
        voting of proxies) with respect to the assets of the Fund 
        solely in the interest of the participants and beneficiaries of 
        the programs funded under this section--
                    ``(A) for the exclusive purpose of--
                            ``(i) providing benefits to participants 
                        and their beneficiaries; and
                            ``(ii) defraying reasonable expenses of 
                        administering the functions of the Fund;
                    ``(B) with the care, skill, prudence, and diligence 
                under the circumstances then prevailing that a prudent 
                person acting in a like capacity and familiar with such 
                matters would use in the conduct of an enterprise of a 
                like character and with like aims;
                    ``(C) by diversifying investments so as to minimize 
                the risk of large losses and to avoid disproportionate 
                influence over a particular industry or firm, unless 
                under the circumstances it is clearly prudent not to do 
                so; and
                    ``(D) in accordance with governing documents and 
                instruments insofar as such documents and instruments 
                are consistent with this subsection.
            ``(2) Prohibitions with respect to members of the 
        investment board.--No member of the Investment Board shall--
                    ``(A) deal with the assets of the Fund in the 
                interest of that member or for that member's own 
                account;
                    ``(B) in an individual or in any other capacity act 
                in any transaction involving the assets of the Fund on 
                behalf of a person (or represent a person) whose 
                interests are adverse to the interests of the Fund, the 
                Postal Service, or the interests of participants or 
                beneficiaries; or
                    ``(C) receive any consideration for the member's 
                own personal account from any person dealing with the 
                assets of the Fund.
            ``(3) Ethical standards.--The Investment Board shall abide 
        by all applicable laws and regulations regarding investment 
        decisions, including section 208 of title 18.
            ``(4) Bonding.--The Investment Board shall prescribe and 
        publish in the Federal Register appropriate rules regarding 
        bonding for any persons handling funds or other property of the 
        Fund.
            ``(5) Audit and report.--
                    ``(A) In general.--The Fund shall annually engage 
                an independent qualified public accountant to audit the 
                financial statements of the Fund.
                    ``(B) Submission.--Not later than 180 days after 
                the end of each of the Fund's fiscal years, the Fund 
                shall submit an annual management report to the 
                Congress.
                    ``(C) Comment.--Each management report under this 
                subparagraph shall include--
                            ``(i) a statement of financial position;
                            ``(ii) a statement of operations;
                            ``(iii) a statement of cash flows;
                            ``(iv) a statement on internal accounting 
                        and administrative control systems;
                            ``(v) the report resulting from an audit of 
                        the financial statements of the Fund conducted 
                        under subparagraph (A); and
                            ``(vi) any other comments and information 
                        necessary to inform the Congress about the 
                        operations and financial condition of the Fund.
    ``(g) Means of Financing.--For all purposes of the Congressional 
Budget Act of 1974, the Balanced Budget and Emergency Deficit Control 
Act of 1985, and chapter 11 of title 31 and notwithstanding section 20 
of the Office of Management and Budget Circular No. A-11, the purchase 
or sale of non-Federal assets (other than gains or losses from such 
transactions) by the Fund shall be treated as a means of financing.''.
    (b) Government Contributions.--Section 8906(g)(2)(A) of title 5, 
United States Code, is amended by striking ``September 30, 2016'' and 
inserting ``September 30, 2012''.

                      TITLE II--PRODUCT INNOVATION

SEC. 201. MAIL PERFORMANCE INCENTIVES.

    Section 3622(c) of title 39, United States Code, is amended--
            (1) in paragraph (13), by striking ``and'' at the end;
            (2) by redesignating paragraph (14) as paragraph (15); and
            (3) by inserting after paragraph (13) the following:
            ``(14) the effect of increased customer satisfaction and 
        increased performance of services on the value of the mail for 
        the general public, postal customers, and enterprises in the 
        private sector that are engaged in the delivery of mail other 
        than letters; and''.

SEC. 202. NEW MAIL CLASSES.

    (a) Definition.--Section 102 of title 39, United States Code, is 
amended--
            (1) in paragraph (9), by striking ``and'' at the end;
            (2) in paragraph (10), by striking the period at the end 
        and inserting ``; and''; and
            (3) by adding at the end the following:
            ``(11) `class of mail' means a grouping of similar products 
        that is--
                    ``(A) differentiated by features, service levels, 
                postage prices, and sorting requirements; and
                    ``(B) that is--
                            ``(i) defined in the Domestic Mail 
                        Classification Schedule, as in effect on the 
                        date of enactment of the Postal Accountability 
                        and Enhancement Act (Public Law 109-435; 120 
                        Stat. 3198); or
                            ``(ii) established by the Postal Regulatory 
                        Commission under section 3643.''.
    (b) Annual Limitations.--Section 3622(d)(2)(A) of title 39, United 
States Code, is amended by striking ``the Domestic Mail Classification 
Schedule as in effect on the date of enactment of the Postal 
Accountability and Enhancment Act'' and inserting ``section 102(11)''.
    (c) New Classes of Mail.--
            (1) In general.--Subchapter III of chapter 36 of title 39, 
        United States Code, is amended by adding at the end the 
        following:
``Sec. 3643. New classes of mail
    ``(a) In General.--Upon request of the Postal Service, the Postal 
Regulatory Commission may establish new classes of mail.
    ``(b) Criteria.--
            ``(1) Market-dominant classes of mail.--The Postal 
        Regulatory Commission may establish a new class of mail that 
        contains market-dominant products if the Postal Regulatory 
        Commission determines that the Postal Service exercises 
        sufficient market power in the sale of the products to 
        effectively set the price of the products substantially above 
        costs, raise prices for the products significantly, decrease 
        the quality of the products, or decrease output of the 
        products, without risk of losing a significant share of the 
        market to enterprises in the private sector offering similar 
        products.
            ``(2) Products covered by postal monopoly.--The Postal 
        Regulatory Commission may establish a new class of mail that 
        contains a product covered by the postal monopoly that is 
        subject to the requirements of section 3622(d)(1). For purposes 
        of this paragraph, the term `product covered by the postal 
        monopoly' means a product the conveyance or transmission of 
        which is reserved to the United States under section 1696 of 
        title 18, subject to the exception set forth in the last 
        sentence of section 409(e)(1).
            ``(3) Additional considerations.--In making a determination 
        under this section, the Postal Regulatory Commission shall 
        consider--
                    ``(A) the availability and nature of enterprises in 
                the private sector engaged in the delivery of the 
                product involved;
                    ``(B) the views of postal customers that use the 
                product involved on the appropriateness of the proposed 
                action; and
                    ``(C) the likely impact of the proposed action on 
                small business concerns, as defined for purposes of 
                section 3641(h).
    ``(c) Notification and Publication Requirements.--
            ``(1) Notification requirement.--At the time the Postal 
        Service makes a request under subsection (a), the Postal 
        Service shall file with the Postal Regulatory Commission and 
        publish in the Federal Register a notice describing the basis 
        for the determination by the Postal Service that the new class 
        of mail requested to be added satisfies the requirements under 
        subsection (b). Section 504(g) shall apply with respect to any 
        information required to be filed under this paragraph.
            ``(2) Publication requirement.--The Postal Regulatory 
        Commission shall publish in the Federal Register a revised list 
        of classes of mail whenever the Postal Regulatory Commission 
        changes the list of classes of mail containing market-dominant 
        products. A revised list shall indicate in what manner and on 
        which date any previous list is superseded.
    ``(d) Prohibition.--Except as provided in section 3641, a class of 
mail that involves the physical delivery of letters, printed matter, or 
packages may not be offered by the Postal Service unless it has been 
assigned as a new class of mail under this chapter or by or under any 
other provision of law.
    ``(e) Regulations.--Not later than 9 months after the date of 
enactment of this section, the Postal Regulatory Commission shall issue 
(and may from time to time thereafter revise) regulations to carry out 
this section.''.
            (2) Technical and conforming amendment.--The table of 
        sections for subchapter III of chapter 36 of title 39, United 
        States Code, is amended by adding at the end the following:

``3643. New classes of mail.''.

SEC. 203. EXPERIMENTAL PRODUCTS.

    Section 3641(e)(2) of title 39, United States Code, is amended by 
striking ``if the total revenues that are anticipated, or in fact 
received, by the Postal Service from such product do not exceed 
$50,000,000 in any year, subject to subsection (g)''.

SEC. 204. CHIEF PRODUCT INNOVATION OFFICER.

    (a) Designation.--The Postmaster General shall designate a senior 
officer within the Postal Service to serve as Chief Product Innovation 
Officer.
    (b) Qualifications.--The individual designated as Chief Product 
Innovation Officer shall have experience that reflects a wide range of 
knowledge of the Postal Service, postal customers, marketing, and 
product innovation.
    (c) Duties.--The Chief Product Innovation Officer shall lead the 
development or improvement of products that--
            (1) serve the public good;
            (2) increase the value of postal products and services; and
            (3) increase the volume of mail handled by the Postal 
        Service.
    (d) Postal Innovation Report.--The Chief Product Innovation Officer 
shall submit an annual report to the Commission, the Committee on 
Homeland Security and Governmental Affairs of the Senate, and the 
Committee on Oversight and Government Reform of the House of 
Representatives that includes, at a minimum, a description of any 
products created or changed by the Postal Service during the preceding 
year, including any experimental or nonpostal products.

SEC. 205. UNCOLLECTED POSTAGE.

    The Postal Service, in consultation with the Chief Postal Inspector 
and the Inspector General of the Postal Service, shall develop a 
program to increase compliance with postage requirements, including 
compliance with fraud investigations, equipment review, and 
reinforcement of applicable policies.

                          TITLE III--WORKFORCE

SEC. 301. TREATMENT OF SURPLUS CONTRIBUTIONS TO FEDERAL EMPLOYEES 
              RETIREMENT SYSTEM.

    Section 8423(b) of title 5, United States Code, is amended--
            (1) by redesignating paragraph (5) as paragraph (6); and
            (2) by inserting after paragraph (4) the following:
            ``(5)(A) In this paragraph, the term `surplus postal 
        contributions' means the amount by which the amount computed 
        under paragraph (1)(B) is less than zero.
            ``(B) For each fiscal year in which the amount computed 
        under paragraph (1)(B) is less than zero, upon request of the 
        Postmaster General, the Director shall transfer to the United 
        States Postal Service from the Fund an amount equal to the 
        surplus postal contributions for that fiscal year for use in 
        accordance with this paragraph.
            ``(C) For each of fiscal years 2012, 2013, and 2014, if the 
        amount computed under paragraph (1)(B) is less than zero, a 
        portion of the surplus postal contributions for the fiscal year 
        shall be used by the United States Postal Service for the cost 
        of providing payments to employees of the United States Postal 
        Service who voluntarily separate from service before October 1, 
        2014. Notwithstanding section 3523(b)(3)(B), payments under 
        this subsection may be in the amount determined appropriate by 
        the United States Postal Service.
            ``(D) Any surplus postal contributions for a fiscal year 
        not expended under subparagraph (C) may be used by the United 
        States Postal Service for the purposes of--
                    ``(i) repaying any obligation issued under section 
                2005 of title 39; or
                    ``(ii) making required payments to--
                            ``(I) the Employees' Compensation Fund 
                        established under section 8147;
                            ``(II) the Employees Health Benefits Fund 
                        established under section 8909; or
                            ``(III) the Civil Service Retirement and 
                        Disability Fund.''.

SEC. 302. MEDICARE COORDINATION EFFORTS FOR POSTAL SERVICE RETIREES.

    The Postmaster General, in consultation with the Director of the 
Office of Personnel Management and the Administrator of the Centers for 
Medicare & Medicaid Services, shall develop an educational program to 
encourage the voluntary use of the Medicare program for hospital 
insurance benefits under part A of title XVIII of the Social Security 
Act (42 U.S.C. 1395c et seq.) (commonly known as ``Medicare Part A'') 
and the Medicare program for supplementary medical insurance benefits 
under part B of title XVIII of the Social Security Act (42 U.S.C. 1395j 
et seq.) (commonly known as ``Medicare Part B'') for eligible employees 
that may benefit from enrollment, the objective of which shall be to--
            (1) educate employees and retirees on how Medicare benefits 
        can interact or supplement the benefits of the employee or 
        retiree under the Federal Employee Health Benefit Program; and
            (2) reduce costs to the Federal Employee Health Benefit 
        Program, beneficiaries, and the Postal Service by coordinating 
        services with the Medicare program.

SEC. 303. LABOR DISPUTES.

    Section 1207(c) of title 39, United States Code, is amended by 
adding at the end the following:
    ``(4) Nothing in this title shall be construed to limit the factors 
an arbitration board may take into consideration in rendering a 
decision under this subsection.''.

SEC. 304. SUPERVISORY AND OTHER MANAGERIAL ORGANIZATIONS.

    Section 1004 of title 39, United States Code, is amended--
            (1) in subsection (b), in the second sentence, by inserting 
        ``as provided under subsection (d) and any changes in, or 
        termination of, pay policies and schedules and fringe benefit 
        programs for members of the supervisors' organization as 
        provided under subsection (e)'' before the period; and
            (2) in subsection (e)(1), by inserting ``, or termination 
        of,'' after ``any changes in''.

SEC. 305. APPLICABILITY OF PROVISIONS RELATING TO REDUCTIONS IN FORCE.

    Section 1005 is amended by adding at the end the following:
    ``(g)(1) Except as otherwise provided under a collective bargaining 
agreement entered into under chapter 12, subchapter I of chapter 35 of 
title 5 (including the regulations implementing such subchapter) shall 
apply to employees of the Postal Service who hold positions that are 
represented by a bargaining representative recognized under section 
1203.
    ``(2) Before carrying out any reduction in force in accordance with 
paragraph (1), the Postmaster General shall submit a report to the 
Committee on Homeland Security and Governmental Affairs of the Senate, 
the Committee on Oversight and Government Reform of the House of 
Representatives, and Director of the Office of Personnel Management 
indicating the extent of the reduction in force and how the Postal 
Service will comply with section 3502(a)(4) of title 5.''.

SEC. 306. EXECUTIVE COMPENSATION.

    Section 3686(b) of title 39, United States Code, is amended--
            (1) in paragraph (1), by striking ``payable to the Vice 
        President under section 104 of title 3'' and inserting 
        ``payable for a position on level I of the Executive Schedule 
        under section 5312 of title 5''; and
            (2) by striking subsection (c) and inserting the following:
    ``(c) Exceptions for Critical Positions.--
            ``(1) In general.--The Board of Governors may allow not 
        more than 12 officers or employees of the Postal Service in 
        critical senior executive or equivalent positions to receive 
        total annual compensation in an amount not to exceed 135 
        percent of the amount determined under paragraph (2).
            ``(2) Amount.--The amount determined under this paragraph 
        shall be the amount payable, as of the end of the calendar year 
        in which the payment is received, for a position at--
                    ``(A) level I of the Executive Schedule under 
                section 5312 of title 5, for the Postmaster General;
                    ``(B) level II of the Executive Schedule under 
                section 5313 of title 5, for the Deputy Postmaster 
                General; and
                    ``(C) level III of the Executive Schedule under 
                section 5314 of title 5, for any other officer or 
                employee.
            ``(3) Notice.--Not later than 30 days after the date on 
        which the first payment is made at a rate of pay authorized 
        under this subsection, the Board of Governors shall submit to 
        the Director of the Office of Personnel Management and Congress 
        a written notice that shall include--
                    ``(A) the name of the officer or employee receiving 
                the payment;
                    ``(B) a description of the critical nature of the 
                duties and responsibilities of the officer or employee; 
                and
                    ``(C) a discussion of the basis for determining 
                that the amount of the payment is warranted.''.
                                 <all>
```