Rep. Darrell Issa (R-Calif.), chairman of the House Committee on Oversight and Government Reform, introduced sweeping legislation Thursday to restructure the U.S. Postal Service to “prevent” another taxpayer bailout” of the financially-strapped agency.

The Postal Reform Act would create a panel with oversight of the Postal Service modeled on the District of Columbia’s Financial Control Board. It would have a “broad mandate” to require the agency to reduce costs and bring itself back to financial solvency. The panel would have the authority to renegotiate collective bargaining agreements with postal workers.

A separate commission would eliminate “excess capacity and facilities.” The agency would move to five-day mail delivery, a proposal from the Postal Service that congress has considered for several years but not acted on.

Issa said in a statement announcing his bill that the changes eventually would save the Postal Service $6 billion a year.

“Congress can’t keep kicking the can down the road on out-of-control labor costs and excess infrastructure of USPS,” Issa said in a statement.

Postal officials said they are preparing a public response to the legislation.