A bill to provide for the conversion of the United States Postal Service into a privately owned and operated entity.

Summary

Requires that all right, title, and interest of the United States in and to all property of the Postal Service be transferred to a private corporation if, within two years after the enactment of this Act, such corporation: (1) is incorporated under laws of a State by not more than nine individuals who are elected by Postal Service employees; and (2) has available for expenditure capital which equals the fair market value of all Postal Service property and which has been acquired from the sale of securities. Stipulates that such securities shall be available only to Postal Service employees for the first 180 days of sale. Requires full payment to the United States of the fair market value of such property within 30 years after completion of such transfer. Directs the President to submit to Congress: (1) a comprehensive plan for such transfer; and (2) recommendations for legislation necessary to carry out such plan including recommendations for the abolishment of the Postal Service.

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Documents

1 official file

• Introduced in House

  summary · EN · 27 September 1979

  Open at official source

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