Detailed Instructions: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
Q: 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.
A:
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.