(1) After considering the report and recommendations of the Commission submitted under section
357 of this title, the President shall transmit to Congress his recommendations with respect to the exact rates of pay, for offices and positions within the purview of subparagraphs (A), (B), (C), and (D) of section
356 of this title, which the President considers to be fair and reasonable in light of the Commissions report and recommendations, the prevailing market value of the services rendered in the offices and positions involved, the overall economic condition of the country, and the fiscal condition of the Federal Government.