DeJoy said the two agencies would formally approve the agreement with credit documents that “will be developed together in the coming weeks.” WASHINGTON, D.C. – U.S. Postal Chief General Louis DeJoy announced today that the U.S. Postal Service (USPS) has reached an agreement in principle with the U.S. Treasury Department on the terms of the $10 billion impermanence agency in the CARES Act. The USPS Board of Governors unanimously approved the agreement yesterday and expects the parties to formally recall the agreement through credit documents to be developed jointly in the coming weeks. The Ministry of Finance had already achieved most of its objectives prior to the agreement. In June, the Postal Service Board installed a new Postmaster general, Louis DeJoy, who was a major Trump booster and GOP fundraiser. The agency has also sought an external company to evaluate its larger service contracts, with the aim, experts say, of justifying higher parcel delivery rates. Under the terms of the loan, which Democratic leaders released in the House of Representatives and Senate, the USPS agreed to give the Treasury access to its largest service contracts negotiated with industry partners. For U.S. Postal Service media resources, including Broadcast-quality video and audio discs and phototills, visit the USPS Newsroom. Follow us on Twitter, Instagram, Pinterest and LinkedIn.
Subscribe to the USPS YouTube channel, as we do on Facebook and enjoy our postal posts blog posts. For more information about the mail, see usps.com and facts.usps.com. Democrats had publicly asked postal officials to stop funding from the Finance Ministry and not accept it if it meant waiving control of the agency. In the Senate, during a cycle of coronavirus exemption spending, a bipartisan agreement was reached to provide a $13 billion subsidy to the USPS, but Trump threatened to veto the entire bill – worth $2 trillion – and full of funds for unemployed workers, small businesses and other sectors that were swept away by the new Coronavirus pandemic recession – if postal funds were included. The USPS Board of Governors approved the credit agreement principle on Tuesday and expects to develop formal credit documents in the coming weeks, according to the service.