PRC determines it is powerless to stop price increases it believes to be ‘not prudent’
News Staff
Thursday, June 6, 2024
The Postal Regulatory Commission (PRC) yesterday ordered that the July rate increase which will raise newspaper rates as much as 10 percent must be approved. This decision was rendered despite House Committee on Oversight and Accountability Ranking Member, Jamie Raskin’s (D-Maryland), call to halt the large rate increase and apparently against its own judgment. The Commission’s order states, Although the price adjustments proposed in this proceeding are consistent with applicable law and the Commission has no legal basis to reject the proposed changes, the Commission is concerned, given the current state of affairs, that the Postal Service’s proposal does not reflect reasoned consideration of the potential widespread effects of its proposal, is not prudent, and is not consistent with the best interests of all stakeholders. Specifically, the Commission remains concerned about the substantial declines in Market- Dominant volumes, overall service performance for Market Dominant products, and the Postal Service’s overall financial situation, issues that have all remained significant, if not worsened, since the current Market Dominant ratemaking system went into effect.