The Senate Homeland Security and Governmental Affairs Committee met today to mark-up S. 1507. The amendments target arbitration and executive bonuses and USPS borrowing.
According to Postcom.org:
The following amendments were adopted to S. 1507 Postal Service Retiree Health Benefits Funding Reform Act of 2009 on July 29, 2009 at the Senate Committee on Homeland Security & Government Affairs bill mark-up business meeting.
Coburn # 1 Would require any binding arbitration in the negotiation of postal contracts to take the financial health of the Postal Service into account.
Coburn #3 Would prohibit the Postal Service from issuing bonuses in any year that it reports a yearend net loss.
Collins #2 Would require GAO to expedite the reporting requirements for its study of USPS’s options and strategies for the long-term structural and operational USPS reforms. The Postal Enhancement and Accountability Act of 2006 requires that GAO conduct this study by 2011. This amendment would require that the study be complete by March 31, 2010, so that USPS can benefit from this study sooner.
Collins #3 Would limit USPS’s total outstanding debt to $15 billion, as required under current law. The underlying bill would allow USPS to borrow an additional $2 billion in fiscal years 2009 and 2010 (increases annual borrowing from $3 billion to $5 billion), but exempts the $2 billion from being applied to USPS’s total debt ceiling of $15 billion. This amendment would require that any additional amount of the additional $2 billion USPS borrows apply to the $15 billion debt ceiling.