U.S. Postal Service Statement on Washington Post CARES Act Lending Authority Article
Pursuant to the terms that will apply to borrowing under the CARES Act, the Postal Service will provide the Department of the Treasury with certain information regarding our costs, revenues, and overall financial position. This includes providing Treasury, under strict terms of confidentiality, with those contracts that generate the most revenue for the Postal Service. Providing this information is merely an acknowledgment of the fact that Treasury has been designated by Congress as the lender for the Postal Service, and it therefore has a legitimate interest under certain circumstances in understanding those factors that affect our current and projected financial position. Other conditions, such as the requirement that borrowed funds only be used for operating expenses, and not for capital expenses, were expressly mandated by Congress in the language of the CARES Act. Contrary to insinuations made in the Washington Post article, nothing in these terms confers upon Treasury any role whatsoever in Postal Service pricing, management, or strategy.