Washington—President Bush on Wednesday was to sign into law postal reform legislation that provides for the first major overhaul of the U.S. Postal Service since 1971.
The Postal Accountability and Enhancement Act will ensure predictable price increases in postal rates by tying them to the rate of inflation, and will enable the Postal Service to continue its transformation efforts and cost-cutting measures.
The new law is the culmination of a 12-year effort by Congress to change the laws governing the Postal Service. Among its major tenets, the law reconstitutes the Postal Rate Commission into a regulatory body with greater authority and responsibility.