SECTION 1. TRANSFER TO A PRIVATE CORPORATION.

    (a) In General.--In accordance with the plan prescribed under 
section 3, all right, title, and interest of the United States in and 
to all property of the Postal Service shall be transferred to a 
corporation if, within 1 year after the date of the enactment of this 
Act, such corporation satisfies the requirements set forth in section 
2.
    (b) Specific Requirement.--The plan prescribed under section 3 
shall include such provisions as may be 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 corporation--
            (1) is incorporated under the laws of a State;
            (2) is not a department, agency, or establishment of the 
        United States;
            (3) is incorporated by not more than 9 individuals who are 
        especially qualified to establish and operate an effective mail 
        system by virtue of their education, 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 established 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 corporation--
            (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 Service;
                    (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 securities following their 
                issuance by the corporation, as may be necessary to 
                promote the retention 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 comparable 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 subsection (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 orderly transfer 
        of all property subject to this Act, including a timetable 
        under which such transfer is completed not later than 180 days 
        after the date on which such corporation first satisfies such 
        requirements; 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 Service;
                    (B) for the continuation of the private express 
                statutes with respect to the corporation during the 
                first 5 years of its existence; and
                    (C) for the repeal or modification of appropriate 
                Federal statutes.
    (b) Presidential Determination.--The President 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 develop and include as part of the 
recommendations submitted 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 paragraph (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 Executive 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 Commission;
            (2) the term ``property'', when used with respect to the 
        Postal Service, means all assets and rights, and all 
        liabilities and obligations, of the Postal Service; and
            (3) the term ``State'' means each of the several States, 
        the District of Columbia, and the Commonwealth of Puerto Rico.
Output: Provides for the transfer of the United States Postal Service to a private corporation. 
Directs the President to transmit to the Congress:  (1) a comprehensive plan providing for the transfer of property subject to this Act; and (2) recommendations for legislation as necessary. 
Establishes the Postal Privatization Commission to:  (1) carry out functions relating to the issuance of securities to postal employees; and (2) consult with the President on the transfer.