U.S. Postal Service books $59.6 billion from reform legislation

2022.08.09 23:13

A United States Postal Service (USPS) mailbox is seen in Manhattan, New York City, U.S., May 9, 2022. REUTERS/Andrew Kelly

WASHINGTON (Reuters) – The U.S. Postal Service booked a onetime, non-cash benefit of $59.6 billion after President Joe Biden signed financial relief legislation into law, the USPS said on Tuesday.

Struggling with diminishing mail volumes despite having to deliver to a growing number of addresses, the USPS has reported net losses of more than $90 billion since 2007. The bill Biden signed in April repealed the USPS’s requirement that it annually prepay future retiree health benefits and canceled all past due prefunding obligations.

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