The nation’s new postmaster general says the Postal Service is looking beyond its regular mail and package delivery for new sources of revenue.
The Postal Service reported a net loss of $586 million for the quarter that ended on June 30, an improvement over a $2 billion loss recorded during the same period last year
The Postal Service continues to press for substantial legislation changes to remain a competitor in the mail and package delivery field. It recorded its ninth consecutive year of billion dollar losses.
Postmaster General Megan Brennan told the Senate Homeland Security and Governmental Affairs Committee, Congress needs to pass legislative reforms to her agency, now.
The U.S. Postal Service fared better this financial quarter than it did last year, but the Postmaster General says Congress has been slow to remove a weight around the agency’s neck.
Rep. Jason Chaffetz (R-Utah), says a bill is being drafted to address Postal Service reforms. The reforms include addressing the mandate to pre-fund health retiree benefits, as well as merging the USPS Board of Governors and the Postal Regulatory Commission.
Members of the House Oversight Committee unveiled draft legislation to reform the Postal Service. The agency is struggling to keep up with Congressional funding mandates as well as shifting volumes of mail.
The U.S. Postal Service says it has “broad bipartisan support” from Congress to ease some its financial burdens. But until that time comes, USPS doesn’t have much room to improve the situation it’s in.
The U.S. Postal Service, having faced years of financial hardship, posted a $5.6 billion net loss for fiscal 2016, despite an increase in revenue this year.
USPS improved its numbers across the board in 2016, reaching record growth in certain categories, but still lost money due to retiree health benefits prefunding requirements and April’s exigent rollback, which cost USPS about $1 billion this year.