Wells Fargo Proposes USPS Privatization Plan; Faces Legislative and Public Pushback

-


Wells Fargo & Company recently released an internal memo outlining a proposal to privatize the United States Postal Service (USPS) and transform it into a profit-driven enterprise. 

The plan, published February 27, suggests several measures intended to achieve profitability, including selling off postal properties, reducing service offerings, raising parcel rates by as much as 140 percent, and restructuring labor agreements.

Key Elements of the Wells Fargo Proposal

  • Property Divestiture: Wells Fargo recommends selling select USPS real estate assets to generate immediate capital.

  • Service Adjustments: The bank’s memo outlines the option to limit or eliminate certain mail and delivery services that are deemed unprofitable.

  • Rate Increases: Parcel shipping rates could be increased by up to 140 percent to improve revenue streams.

  • Labor and Union Considerations: With nine collective bargaining agreements covering roughly 550,000 employees, the proposal includes strategies to renegotiate or phase out existing benefits and work rules.

Historical Context
Wells Fargo has roots in mail delivery through its 19th-century stagecoach operations, which merged with other carriers during the California Gold Rush. 

The company transitioned away from postal services as railroads expanded and focused on banking and financial services.

Current USPS Leadership Changes

  • Former Postmaster General: Louis DeJoy, who signed an agreement with a government efficiency task force, recently authorized the reduction of approximately 10,000 postal positions.

  • New Postmaster General: The USPS Board of Governors confirmed FedEx Board member and former CEO of Waste Management David Steiner as the newest Postmaster General in May 2025.

Support and Opposition

  • Supporters of privatization argue it could introduce private-sector efficiencies, reduce the agency’s operating losses, and modernize infrastructure.

  • Opponents caution that a profit motive may undermine universal service obligations, lead to higher costs in rural and low-income communities, and weaken union protections.

Public and Legislative Response
In late March, a bipartisan group of senators introduced a resolution affirming the USPS as an independent government agency and urging protection against privatization. 

Meanwhile, public advocacy groups have launched petitions and community forums to discuss the future of postal services.

USPS Role in American Society
The USPS delivers mail to every U.S. address, handling election ballots, Social Security checks, prescription medications, small business shipments, and more. 

It operates under a mandate to provide affordable, universal service, and employs approximately 600,000 workers with access to competitive wages and benefits.

Next Steps
Any move toward privatization would require Congressional approval, likely via legislation subject to committee review and floor votes. 

Observers note that using budget reconciliation—requiring a simple Senate majority—could circumvent the 60-vote filibuster threshold, though such an approach remains politically contentious.

 

Please support my writing by donating $1 at https://buymeacoffee.com/doublejeopardynews

 

  1. #USPSFuture

  2. #PostalPrivatization

  3. #WellsFargoPlan

  4. #ProtectThePostalService

  5. #MailForAll

  6. #PostmasterGeneral

  7. #PostalReform

  8. #CongressDebate

  9. #UniversalService

  10. #PostalRates

  11. #PostalJobs

  12. #RuralMail

  13. #SenateResolution

  14. #PostalInfrastructure

  15. #CommunityMailSummit

 

Comments

Post a Comment

Popular posts from this blog

Please Help Find These Forgotten Girls Held at Male Juvenile Prison for Over a Year!

-
Image
  MY MOST IMPORTANT STORY  Dozens of Forgotten Little Girls Held at Male Juvenile Prison for Over a Year! Welcome to the Sunshine State, where the palm trees sway, the alligators lurk, and the legislative process makes Kafka look like a life coach!  Florida House Bill HB21. Not just a compensation bill but possibly a 20 million dollar "Stay out of Jail Free" card for some folks. This is a bill that does some good—but also trips over its own shoelaces, falls down a staircase, and lands on a historical oversight so big, it might as well have its own zip code! An oversight that overlooks what I consider to be its most vulnerable victims! The Setup: Justice with a Catch HB21 was enacted on July 1, 2024 to compensate victims of abuse from two male juvenile detention facilities located in Florida, Dozier and Okeechobee.  It says, “Hey, survivors of abuse between 1940 and 1975, here’s some compensation for the horrific things you endured!” Sounds good, right? Like a le...
Read more

Here's A New HOA Rule Dictating What You Can Do Inside Your Home

-
Image
HOA Overreach: When Your Own Home Isn’t Really Your Own The joys of homeownership—the American dream!  That magical place where you can paint the walls any color you like, blast your music (within reason), and enjoy the simple pleasure of—wait, never mind..... Turns out, your HOA might have something to say about what you do inside your own four walls. Case in point: A longtime homeowner, who has peacefully lived in his residence for 25 years, was blindsided when his HOA suddenly banned smoking inside individual homes.  That’s right—after a quarter-century of no issues, he was informed that lighting up indoors was no longer an option.  The new rule, passed at the HOA’s annual meeting by a majority vote, now restricts smoking to a designated outdoor area. Now, while some might see this as a health-conscious decision, the homeowner—whose wife is a smoker—sees it as an unfair overreach.  In a letter to a local publication, he expressed frustration, writing, “I’ve live...
Read more

Postal Police Stuck Behind ‘Keep Out’ Signs While Mailmen Face Muggers: You Can’t Make This Stuff Up!!

-
Image
As crime against letter carriers surges, one would think that America’s armed, uniformed Postal Police might be hitting the streets to protect our mail.  Instead, they’re still glued to their post office entrances like sentries guarding Fort Frownmore.  Why?  Because since 2020, the Postmaster General decreed they must “protect postal property” only—meaning, they currently serve as glorified lobby bouncers rather than actual roaming guardians of the mailstream. “ They’re robbing letter carriers, they’re sticking a gun in a letter carrier’s face and they’re demanding arrow keys, ” laments Frank Albergo , president of the National Postal Police Union and a Postal Police Officer himself.  An "arrow key" in the context of the Post Office is a specialized, universal key that postal workers use to access various locked mail receptacles, including collection boxes, apartment mailboxes, and cluster boxes. Albergo isn’t exaggerating—research shows over 100 physical assaul...
Read more