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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.

 

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  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

 

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