necessary to ensure that no payment shall be required in
consideration for any rights or assets of the Postal Service
which are transferred pursuant to this Act.
SEC. 2. REQUIREMENTS FOR THE CORPORATION.
(a) IN GENERAL.—A corporation shall be considered
to satisfy the requirements of this section if such corpora-
tion—
(1) is incorporated under the laws of a State;
(2) is not a department, agency, or establish-
ment of the United States;
(3) is incorporated by not more than 9 individ-
uals who are especially qualified to establish and op-
erate an effective mail system by virtue of their edu-
cation, training, or experience, and who are chosen
by the employees of the Postal Service in an election
which shall be held at such time and in such manner
as the President shall by regulation prescribe;
(4) includes among its purposes the delivery of
postal services in a manner consistent with section
101(b) of title 39, United States Code, at rates es-
tablished in a manner consistent with section 101(d)
of such title;
(5) issues securities in a manner consistent
with subsection (b); and
(6) satisfies such other requirements as the
President may by regulation prescribe in order to
carry out the purposes of this Act.
(b) SECURITIES.—Any securities issued by the corpo-
ration—
(1) shall, during the 1-year period beginning on
the date of the enactment of this Act, be issued—
(A) only to employees of the Postal Serv-
ice;
(B) under a system (as developed under
section 4) which provides that securities shall
be issued to individuals based on their years of
service and levels of compensation; and
(C) subject to such terms and conditions,
including terms and conditions relating to the
sale, transfer, or other disposition of such secu-
rities following their issuance by the corpora-
tion, as may be necessary to promote the reten-
tion of well-qualified personnel; and
(2) may, after the end of that period, be offered
for sale to members of the general public under such
terms and conditions as the corporation considers
appropriate.
(c) RETIREMENT BENEFITS.—Retirement benefits
provided to employees of the corporation must be com-
parable to those which would have been afforded to those
individuals as employees of the Postal Service had this
Act not been enacted.
SEC. 3. TRANSFER PLAN; PRESIDENTIAL DETERMINATION;
RATE-SETTING AUTHORITY.
(a) TRANSFER PLAN.—Not later than the sixtieth
day after the date on which a corporation first satisfies
the requirements of section 2, as determined under sub-
section (b), the President shall, in conformance with the
requirements of section 1, and after consultation with the
commission under section 4, transmit to Congress—
(1) a comprehensive plan providing for the or-
derly transfer of all property subject to this Act, in-
cluding a timetable under which such transfer is
completed not later than 180 days after the date on
which such corporation first satisfies such require-
ments; and
(2) such recommendations for legislation as the
President considers necessary in order to carry out
the plan described in paragraph (1), including
recommendations—
(A) for the abolishment of the Postal Serv-
ice;
(B) for the continuation of the private ex-
press statutes with respect to the corporation
during the first 5 years of its existence; and
(C) for the repeal or modification of appro-
priate Federal statutes.
(b) PRESIDENTIAL DETERMINATION.—The Presi-
dent shall, for purposes of this section, determine the date
on which a corporation first satisfies the requirements of
section 2.
(c) RATE-SETTING AUTHORITY.—After consulting
with the Postal Rate Commission, the President shall de-
velop and include as part of the recommendations submit-
ted under subsection (a) proposals relating to the means
by which rates of postage would be established during the
5-year period referred to in subsection (a)(2)(B). Such
recommendations may include continuing any operations
of the Postal Rate Commission (whether on a modified
basis or otherwise) which may be appropriate.
SEC. 4. POSTAL PRIVATIZATION COMMISSION.
(a) ESTABLISHMENT.—In order to carry out the
functions set forth in sections 2(b)(1)(B) and 3(a), there
is established a commission to be known as the ‘‘Postal
Privatization Commission’’.
(b) MEMBERSHIP.—The Commission shall consist of
12 members, to be selected by the President, of whom—
(1) 3 shall be selected from among individuals
recommended jointly by the Speaker of the House of
Representatives and the President pro tempore of
the Senate;
(2) 3 shall be selected to represent the interests
of employees of the Postal Service;
(3) 3 shall be selected to represent the interests
of postal management; and
(4) 3 shall be selected from such other postal
experts as the President considers appropriate.
(c) COMPENSATION.—
(1) IN GENERAL.—Except as provided in para-
graph (2), members of the Commission shall be paid
at the daily equivalent of a rate, not to exceed the
rate of basic pay payable for level IV of the Execu-
tive Schedule, for each day (including travel time)
during which they are engaged in the performance
of duties of the Commission.
(2) EXCEPTION.—Members of the Commission
who are full-time officers or employees of the United
States shall receive no additional pay by reason of
their service on the Commission.
(d) TERMINATION.—The Commission shall cease to
exist as of the date on which the work of the Commission
has been completed.
SEC. 5. DEFINITIONS.
For purposes of this Act—
(1) the term ‘‘Postal Service’’ means the United
States Postal Service and the Postal Rate Commis-
sion;
(2) the term ‘‘property’’, when used with re-
spect to the Postal Service, means all assets and
rights, and all liabilities and obligations, of the Post-
al Service; and
(3) the term ‘‘State’’ means each of the several
States, the District of Columbia, and the Common-
wealth of Puerto Rico.
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