Postal Reform bill on President Biden's desk

U.S. Postal Service is about to get an overhaul, assuming President Joe Biden signs sweeping bipartisan legislation -- the Postal Service Reform Act -- requiring retired postal workers to enroll in Medicare and dropping a previous mandate forcing the agency to cover health care costs years in advance.

Those two reforms are expected to save USPS nearly $50 billion over the next decade, according to the House Oversight Committee.

Tuesday's 79-19 vote in the Senate followed the 342-92 vote in the House last month.

The Postal Service, established in 1775, is among the nation's oldest institutions, but unlike other government agencies, USPS does not receive taxpayer funding and must instead rely on revenue from stamps and package deliveries to balance its budget.

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