To revive the system of parole for Federal prisoners.

Amends the Federal criminal code to re-establish the United States Parole Commission as an independent agency in the Department of Justice. Sets forth the powers of the Commission, including the powers to grant or deny an application or recommendation to parole an eligible prisoner and to modify or revoke an order paroling an eligible prisoner.

Makes a prisoner serving a definite term or terms of more than one year eligible for release on parole after serving one-third of such term or terms, or after serving ten years of a life sentence (unless imposed by the court without possibility of parole) or of a sentence of over 30 years, except to the extent otherwise provided by law.

Grants courts the authority to: (1) designate a minimum term at the expiration of which the prisoner shall become eligible for parole, which may be less than but not more than one-third of the maximum sentence imposed by the court; or (2) fix the maximum sentence to be served in which event the court may specify that the prisoner may be released on parole at such time as the Commission may determine.

Sets forth provisions regarding: (1) parole determination criteria; (2) conditions of parole; (3) jurisdiction of the Commission; (4) early termination of parole; (5) aliens subject to deportation after parole; (6) summonses to appear and warrants for retaking parolees; (7) revocation of parole for violators; and (8) and appeals of parole denials, conditions, and revocations.

Grants the Commission jurisdiction over the parole of persons whose parole was governed by the Parole Commission Phase-Out Act of 1996 or by the Balanced Budget Act of 1997.