Biden signs Postal Service Reform Act ending 15-year streak of USPS net losses

President Biden signs the Postal Service Reform Act (P.L. 117-108), eliminating the 2006 PAEA requirement that USPS pre-fund 75 years of retiree health benefits and forgiving $57 billion in deferred payments. The law immediately produces a $56 billion net income for USPS in fiscal 2022, the agency's first positive annual result after 15 consecutive years of reported net losses. The reform passes with bipartisan support, including from Postmaster General DeJoy, who lobbied Republicans by presenting a 10-year financial recovery plan.