To revive the system of parole for Federal prisoners, and for other purposes.

Amends the federal criminal code to reestablish the United States Parole Commission as an independent agency in the Department of Justice. Sets forth the Commission's powers, including the powers to grant or deny an application or recommendation to parole, 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 terms, or after serving ten years of a sentence of over 25 years (or life). Subjects a prisoner convicted under District of Columbia (DC) law to the guidelines used by the former DC parole board.

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, 10 years; or (2) fix the maximum sentence to be served.

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; (8) appeals of disputes over the time of eligibility for release, parole denials, conditions, and revocations; (9) good time credits; and (10) compassionate release requirements.

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.