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$50 Billion Aid for US Postal Company

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The U.S. House of Representatives overwhelmingly approved a proposal to give state postal operator USPS $50 billion in financial support over the next ten years. In addition, prospective retirees of the company must sign up for government health insurance.

 

The vote in the House was 342-92. The chair of the parliamentary oversight committee, Democrat Carolyn Maloney, said it “preserved and strengthened the postal service for future generations”. Democratic Senate Leader Chuck Schumer said he plans to ask the Senate to approve the bill on Feb. 18.

USPS, one of the largest U.S. public companies, has reported a net loss of more than $90 billion since 2007; the company reported a net loss of $1.5 billion for the last quarter of 2021. One of the reasons for the large losses is 2006 legislation requiring the company to fund $120 billion in retirement and health insurance plans.

Senator Gary Peters, chair of the committee overseeing USPS, said the bill “will help the Postal Service overcome unfair and burdensome financial requirements, provide greater transparency and accountability to the American people, and maintain its nearly 250-year tradition.” of service will continue”.

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