Page:United States Statutes at Large Volume 120.djvu/3255

 120 STAT. 3224

Submission period.

Reports.

Deadline.

Regulations.

VerDate 14-DEC-2004

12:05 Jul 13, 2007

PUBLIC LAW 109–435—DEC. 20, 2006

‘‘(i) the accounting practices and principles that should be followed by the Postal Service with the objectives of— ‘‘(I) identifying and valuing the assets and liabilities of the Postal Service associated with providing competitive products, including the capital and operating costs incurred by the Postal Service in providing such competitive products; and ‘‘(II) subject to subsection (e)(5), preventing the subsidization of such products by market-dominant products; and ‘‘(ii) the substantive and procedural rules that should be followed in determining the assumed Federal income tax on competitive products income of the Postal Service for any year (within the meaning of section 3634). ‘‘(B) Not earlier than 6 months after the date of enactment of this section, and not later than 12 months after such date, the Secretary of the Treasury shall submit the recommendations under subparagraph (A) to the Postal Regulatory Commission. ‘‘(2)(A) Upon receiving the recommendations of the Secretary of the Treasury under paragraph (1), the Commission shall give interested parties, including the Postal Service, users of the mails, and an officer of the Commission who shall be required to represent the interests of the general public, an opportunity to present their views on those recommendations through submission of written data, views, or arguments with or without opportunity for oral presentation, or in such other manner as the Commission considers appropriate. ‘‘(B)(i) After due consideration of the views and other information received under subparagraph (A), the Commission shall by rule— ‘‘(I) provide for the establishment and application of the accounting practices and principles which shall be followed by the Postal Service; ‘‘(II) provide for the establishment and application of the substantive and procedural rules described under paragraph (1)(A)(ii); and ‘‘(III) provide for the submission by the Postal Service to the Postal Regulatory Commission of annual and other periodic reports setting forth such information as the Commission may require. ‘‘(ii) Final rules under this subparagraph shall be issued not later than 12 months after the date on which recommendations are submitted under paragraph (1) (or by such later date on which the Commission and the Postal Service may agree). The Commission is authorized to promulgate regulations revising such rules. ‘‘(C)(i) Reports described under subparagraph (B)(i)(III) shall be submitted at such time and in such form, and shall include such information, as the Commission by rule requires. ‘‘(ii) The Commission may, on its own motion or on request of an interested party, initiate proceedings (to be conducted in accordance with such rules as the Commission shall prescribe) to improve the quality, accuracy, or completeness of Postal Service information under subparagraph (B)(i)(III) whenever it shall appear that— ‘‘(I) the quality of the information furnished in those reports has become significantly inaccurate or can be significantly improved; or

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