Democrats had publicly asked postal workers to persevere and not accept Treasury funding if it meant giving up control of the agency. In the Senate, a multiparty agreement was reached during a first round of coronavirus aid spending to provide a $13 billion grant to the USPS, but Trump has threatened to veto the entire law — worth $2 trillion and total financial resources for unemployed workers, small businesses and other sectors that have been hit by the new pandemic coronavirus recession – I wouldn`t. The postal service will provide the Treasury, subject to confidentiality restrictions, with copies of its 10 largest “negotiated service agreements” or contracts with large-scale third parties such as Amazon, FedEx and UPS, and will receive a decisive financial injection that the postal workers say will keep the debt agency solvent for at least another year. according to a copy of the loan`s roadmap, which was received by the Washington Post. “I`m a little surprised that the condition is absolutely necessary,” said John McHugh, chairman of the Coalition of Packages interest group and former army secretary. “The USPS itself has already engaged external consultants to investigate these issues, to determine whether they are cost-effective and fair. If nothing else, if treasury gives access to what was until that moment absolutely proprietary information between only the USPS and its client. One could say that this is just one more step to make the Minister of Finance the de facto general position. The USPS Board of Governors approved the principle of the credit agreement on Tuesday and expects to develop formal credit documents in the coming weeks, the service said. The Ministry of Finance had already achieved most of its objectives before the agreement. In June, the Postal Service`s board of directors 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.
The credit agreement was unanimously approved Tuesday by the USPS Board of Governors. The board of directors announced Wednesday that it expects the parties to formalize the agreement in the loan documents developed in the coming weeks. DeJoy, who took office last month, said Wednesday that the agency had reached an “agreement in principle” with the Treasury Department and that the USPS Board of Governors unanimously approved the agreement on Tuesday. WASHINGTON (ADDED) – The U.S. Postal Service, grappling with the effects of the coronavirus pandemic, has reached an agreement on a $10 billion loan from the Treasury. The U.S. Postal Service (USPS) has reached an “agreement in principle” with the United States.