The Postal Service would benefit from taking a longer-term approach when investing its cash on hand, the agency’s inspector general said in a new report, clashing with agency leadership over the best approach for its growing reserve of funds.
The Postal Service ended fiscal 2022 with $19.6 billion in cash, up from $2.3 billion in fiscal 2013. That growth, made possible by improving revenue, a postal reform bill and a cash infusion from Congress, has made it more pressing for USPS to maximize its investment approach, the agency’s watchdog found. Postmaster General Louis DeJoy has launched his Delivering for America plan for the agency to get out of the red by 2030, but the IG said postal management is hurting its capacity to do so by making riskier, less predictable investments.