Rep. Darrell Issa, chairman of the congressional oversight committee, introduced legislation on Thursday to significantly reform the United States Postal Service in order to prevent the need for a “taxpayer bailout.”

The legislation follows USPS’ announcement on Wednesday that it will no longer pay money into its Federal Employee Retirement System in order to cut costs.

The legislation does several things. It creates the Postal Service Financial Responsibility and Management Assistance Authority, “which will have a broad mandate to restructure the Postal Service and reduce costs in order to bring the institution back to fiscal solvency when the Postal Service goes into default to the Federal government. The Authority will be disbanded once USPS meets several benchmarks that ensure financial health.”

It would also create the Commission on Postal Reorganization, whose purpose would be to make recommendations to Congress on closures or consolidations with the goal of reducing USPS costs by $2 billion a year.

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