The U.S. Postal Service Board of Governors has approved the Postal Regulatory Commission’s decision to make a negotiated service agreement Bank of America, which gives the bank price incentives based on its mail volume and worksharing considerations.
The BOG also approved asking Congress for $117.7 million for fiscal year 2009. This money includes $69.8 million in reimbursement for free services the Postal Service is required to provide, including free mail for blind persons and for overseas voting.
In addition, the request includes $29 million for the latest annual installment from the Revenue Forgone Reform Act of 1993 which requires the postal service to be reimbursed for services it performed in 1991 through 1993 and for shortfalls in the reimbursement of costs it incurred processing and delivering certain nonprofit mail from 1994 through 1998.
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