Rep. Marjorie Taylor Greene (R-Ga.) voiced her support for the privatization of the United States Postal Service, amidst its financial woes on Tuesday.
What Happened: In a recent post on X, Greene expressed her long-held belief in the need for privatizing the USPS. She emphasized that her newly formed committee, along with the support of Elon Musk and Vivek Ramaswamy–headed Department of Government Efficiency, is gaining momentum in pushing for this change.
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She stated, “Selling the Postal Service is a smart decision that keeps our promise to the American people to cut waste, fraud, and abuse.”
She also mentioned that the American people have given a mandate to President-elect Donald Trump and all of Washington, implying a collective responsibility to address the USPS’s financial struggles.
Notably, Greene chairs the Delivering on Government Efficiency subcommittee in the next Congress. She has previously said that the goal of DOGE is to “bring accountability and GUT useless government agencies.”
Why It Matters: The USPS has been grappling with financial difficulties, reporting a massive $9.5 billion loss in the fiscal year ending September 30. The agency’s liabilities have soared to nearly $80 billion, primarily due to declining mail volumes and slower-than-expected growth in parcel shipping.
Trump is reportedly considering the privatization of the USPS as a potential solution to these financial challenges. The move towards privatization is seen as a means to overhaul the agency and address its mounting liabilities.
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Privatizing the USPS can potentially reshape consumer shipping, favoring profitable routes while leaving rural areas underserved. FedEx Corp. FDX and United Parcel Service, Inc. UPS, already dominate the parcel market and might increase their influence, potentially impacting millions relying on affordable mail services.
For privatization to occur, approval would be needed from the USPS Board of Governors, consisting of 11 members led by Postmaster General Louis DeJoy, CNBC reported.
Meanwhile, President Joe Biden announced his intention to renominate former general counsel for the American Postal Workers Union, Anton Hajjar, to the Postal Service Board of Governors. This will require swift Democratic action to confirm him before Republicans gain Senate control in January. Hajjar, previously nominated by Biden and confirmed in 2021, served a term that ended in December 2023.
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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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