SEC. 501. QUALIFICATION AND TERM REQUIREMENTS FOR GOVERNORS.
(1) When it comes to qualifications, the bill was amended to say The Governors shall represent the public interest generally, and shall be chosen solely on the basis of their experience. The Governors shall not be representatives using the Postal Service, and may be removed only for cause.
(2) The amendment shall not affect the appointment or tenure of any person serving as a Governor of the United States Postal Service, unless such office becomes vacant, the appointment of any person to fill that office shall be made in accordance with such amendment.
(b) In the Consultation Requirement, the selecting of the individuals for appointment to the position of Governor, the President should consult with the Speaker of the House of Representatives.
(c) 7-YEAR TERMS.—
(1) In general the first change was amending the first sentence by striking ‘‘9 years’’ and inserting ‘‘7 years’’.
(B) VACANCY BY INCUMBENT BEFORE 7 YEARS OF
SERVICE.—If a person who is serving as a Governor of the United States Postal Service resigns, is removed, or dies before the expiration of the 9-year term, and has served less than 7 years of that term, the resulting vacancy in office shall be treated as a vacancy in a 7- year term.
(C) VACANCY BY INCUMBENT AFTER 7 YEARS OF
SERVICE.—If a person who is serving as a Governor resigns, is removed, or dies before the expiration of the 9-year term of that Governor, and that Governor has served 7 years or more of that term, Any appointment to the vacant office shall be for a 7-year term beginning at the end of the original 9-year term.
(d) TERM LIMITATION.—
(1) The Amendment for term limitation was that no person may serve more than 2 terms as a Governor.
SEC. 502. OBLIGATIONS.
(a) PURPOSES FOR WHICH OBLIGATIONS MAY BE ISSUED.—The first sentence was amended by striking ‘‘title.’’ and inserting ‘‘title, other than any of the purposes for which the corresponding authority is available to the Postal Service under section 2011.
(b) LIMITATION ON NET ANNUAL INCREASE IN OBLIGATIONS
ISSUED FOR CERTAIN PURPOSES.—The third sentence is amended to read as follows: ‘‘In any one fiscal year, the net increase in the amount of obligations outstanding issued for the purpose of capital improvements and the net increase shall not exceed a combined total of $3,000,000,000.
(2) CONFORMING AMENDMENT.—The second sentence of section 2005 is amended by striking ‘‘any such obligations’’ and inserting ‘‘obligations issued by the Postal Service which may be’’.
(d) AMOUNTS WHICH MAY BE PLEDGED.—
(1) OBLIGATIONS TO WHICH PROVISIONS APPLY.—The first sentence of section 2005(b) is amended by striking ‘‘such obligations,’’ and inserting ‘‘obligations issued by the Postal Service under this section,’’.
(2) ASSETS, REVENUES, AND RECEIPTS TO WHICH PROVISIONS
APPLY.—Subsection (b) of section 2005, is amended by striking ‘‘(b)’’ and inserting ‘‘(b)(1)’’, and by adding at the end the following:
(2) Notwithstanding any other provision of this section—
(A) the authority to pledge assets of the Postal Service under this subsection shall be available only to the extent that such assets are not related to the provision of competitive products for purposes of any period before accounting practices and principles have been established and applied.
SEC. 503. PRIVATE CARRIAGE OF LETTERS.
(a) IN GENERAL.—Section 601 is amended by striking subsection (b) and inserting the following:
(b) A letter may also be carried out of the mails when—
(1) the amount paid for the private carriage of the letter is at least the amount equal to 6 times the rate then currently charged for the 1st ounce of a single-piece first class letter;
(2) the letter weighs at least 121⁄2 ounces; or
(3) such carriage is within the scope of services described by regulations of the United States Postal Service.
(b) EFFECTIVE DATE.—This