Cramer denounces postal service’s ‘misguided’ banking expansion
NORTH DAKOTA- North Dakota Senator Kevin Cramer joined Senator John Boozman (R-AR) on a letter to Postmaster General Louis DeJoy questioning the U.S. Postal Service’s authority to implement a banking pilot program that includes check-cashing services.
In the letter, the senators call the new USPS pilot program a threat to mail delivery and a misguided attempt to federalize financial services.
“We are concerned that the pilot program exceeds the Postal Service’s legal authority and fails to comply with relevant regulations and procedural requirements,” the members wrote.
The USPS launched its postal banking pilot program in September without notifying Congress. It comes on the heels of losses of more than $75 billion from 2007-2019. Last month the USPS announced it will further slow service and increase prices in attempt to fix its own notoriously poor financial footing.
“Given that these losses occurred during a period of time in which the Postal Service was exclusively focused on mail delivery, it would be imprudent to shift attention and resources toward an area in which the agency lacks expertise," the letter said. "It is essential that the Postal Service address this revenue shortfall by focusing on fixing inefficiencies with its mail delivery system, not pivoting to financial products and offerings with which the agency has no expertise,” the members continued.