Postal Rate Act

Abolishes the Postal Rate Commission. Requires that rates of postage and fees for postal services charged by the Postal Service and mail classification schedules administered by the Postal Service be established by law.

Defines "first-class mail". Sets the rate for such mail at 10 cents for each ounce or fraction of an ounce up to 13 ounces and at eight cents for each single postal card or post card.

Imposes additional charges on business reply mail and empowers the Postal Service to set rates for first-class mail weighing more than 12 ounces.

Requires mail classified as third-class mail under regulations in effect on the date of the enactment of this Act to be mailed as first-class mail.

Entitles publications not having more than 50 percent advertising in more than half its issues to be mailed as second class mail.