President Bush established the President's Commission on the United States Postal Service on Wednesday. The nine members of the commission will examine the U.S. Postal Service and prepare a report due on July 31, 2003. The report will present a proposed vision for the future of the USPS, and will recommend legislative and administrative reforms needed to ensure the viability of postal services.

The Department of the Treasury will provide administrative support and funding for the Commission. Members of the commission will serve without compensation (but will be compensated for travel expenses) and the commission will have a staff headed by an executive director.

Harry Pearce, chairman of Hughes Electronics, and James Johnson, vice chairman of financial services company Perseus, will co-chair the committee, and Dennis Shea, a former aid to Senator Robert Dole, will serve as Executive Director. Other committee members include Richard C. Levin of Connecticut; Norman I. Seabrook of New York; Carolyn L. Gallagher of Texas; Robert S. Walker of Pennsylvania; Joseph R. Wright of New York; Don V. Cogman of Arizona; Dionel E. Aviles of Texas.

In related news, on Tuesday the U.S. Postal Service said it was able to cut a budgeted loss of $1.35 billion in half to $676 million. Postmaster General John E. Potter announced the news to the Postal Service Board of Governors at its regular monthly meeting. Potter attributed the lower deficit figure to the agency's aggressive program to hold the line on expenses. Chief Financial Officer and Executive Vice President Richard Strasser told the Postal Governors, "Total revenues for the year came to $66.7 billion, an increase of $819 million over 2001. This is primarily attributable to the settlement of the postal rate case and the early implementation of the new rates."