US Postal Service seeks reforms as it reports $9 billion yearly loss

The U.S. Postal Service said on Friday it was seeking new administrative and legislative reforms as it reported a $9 billion yearly loss, down slightly from the prior fiscal year results. New Postmaster General David Steiner said USPS must be more efficient and that it still has a “significant systemic annual revenue and cost imbalance.” He added: “To correct our financial imbalances, we must explore new revenue opportunities and public policy changes to improve our business model.” USPS, which lost $9.5 billion in the prior year, has lost more than $100 billion since 2007 despite significant restructuring and legislative reforms. The U.S. Congress in 2022 provided the Postal Service with about $50 billion in financial relief over a decade.