‘Public policy and regulatory discussions must be addressed before the Postal Service invests in an area outside our core function…’
(Claire Russel, Liberty Headlines) Because of her efforts to try to reintroduce the United States Postal Service into banking, Citizens Against Government Waste named Rep. Marcy Kaptur, D-Ohio, the “porker of the month.”
Parktur wants to make it possible for Ohio residents to do their banking at the USPS.
She told the Cleveland Plain-Dealer in May that the American people “trust” the postal service, and that expanding it could “help fill real financial voids” in the financial industry and among Americans who may be “unbanked.”
CAGW President Tom Schatz questioned the congresswoman’s core assumption that the postal service—which often has faced criticism for long lines, poor customer service and overall inefficiency—was inherently trustworthy.
Over the past 11 years, its annual losses have totaled $69 billion. And this will only continue to get worse since it maintains a monopoly over its competitors.
“Rep. Kaptur might think that the American people trust the USPS, but there is nothing trustworthy or reliable about its fiscal situation,” Schatz said in a statement.
“Current financial institutions are well-equipped to provide a variety of services and more able to adapt to changing market trends and technological advances in ways that the USPS has proven it cannot,” he said. “Allowing the USPS to expand into financial services is the height of wastefulness.”
Even the USPS is wary of the congresswoman’s idea: “To the extent our research concludes that we can legally provide additional services at a profit and without distracting from our core business, we would consider these,” a USPS spokesperson told the Cleveland Plain-Dealer.
“However, public policy and regulatory discussions must be addressed before the Postal Service invests in an area outside our core function,” said the spokesperson.
Postmaster General Megan Brennan admitted in 2018 that “our business model is broken.”
Still, Kaptur thinks that adding around 31,000 USPS branches will fix its mismanagement, as she said in a June tweet.
Bringing back Postal Banking is a commonsense step in the right direction to help thousands of underbanked families in our own community. Let’s make it happen. https://t.co/R6wM24Hy5U
— Marcy Kaptur (@RepMarcyKaptur) June 5, 2019