Congress to weigh reforms to U.S. Postal Service over finance woes

By Shepardson David

WASHINGTON (Reuters) - The United States Panel

Parliament will hear Postmaster General Louis DeJoy's testimony on Wednesday and other officials who are considering substantial changes in tackling the fragile finances of the United States.

Service Postal (USPS).

Please notice delays in paychecks and other USPS mail arrivals this summer when a record number of electors mailed to elect a new president in the polls.

DeJoy was named head of the USPS last year by former President Donald Trump to postpone organizational reforms in August after massive criticism of postal delays.

He expects to announce a new 10-year action plan in the immediate future.

House Oversight and Government Reform President Carolyn Maloney will recommend legislation on USPS finances in the light of decreased premium mail rates, increased employee salaries and advantage costs, and higher unfunded liability and debt.

"We need to pass meaningful reforms — and hopefully bipartisan reforms — to put the Postal Service on more sustainable financial footing for years to come," Maloney says, based on quotes from her office.

From 2007 to 2020, USPS posted net losses of $86.7 billion.

One explanation for this is the 2006 legislation which pre-funded more than $120 billion in retirement health care and pension obligations, an unfair burden which reqiurement labor unions did not share with other firms.

Maloney circulated proposed regulations on certain USPS financial matters, such as the removal of retired health care provisions.

This will also require postal workers to sign up for a Medicare government pension scheme, to save nearly 10 billion dollars over ten years.

The President of the American Postal Workers Union, Mark Dimondstein, calls on the Congress to include in a COVID-19 aid plan an extra $15 billion "to help stabilize the Postal Service during this crisis"

Reuters has testified that another $25 billion USPS "modernization grant" will be used to make "long overdue" improvements in a clean postal fleet, modernize postal installations and include local postal office charging stations for electric vehicles.

Joel Quadracci, Chief Executive Officer of Quad/Graphics, is also testifying.

DeJoy will testify along with Ron Bloom, a former Obama administration official voted as the next President of the United States this month.

The Governors' Postal Commission.

In December, Congress turned US $10 billion into a grant.

Treasury loan granted to the USPS by legislators in March.

(David Shepardson's report; Clarence Fernandez' editing)