The Post Office Department officially became the United States Postal Service on July 1, 1971. At that time it became an independent establishment of the executive branch of the government of the United States rather than a part of the cabinet. It began operating more like a corporation, but with the benefit of the official mail monopoly that was established under the Private Express Statutes in 1792. Package delivery and express services do not fall under this law, making it possible for other companies to offer those services.
The United States Postal Service is an independent establishment of the Executive Branch of the Government of the United States and operates in a business-like way. Its mission statement can be found in Section 101(a) of Title 39 of the U.S. Code, also known as the Postal Reorganization Act:
The Postal Service shall have as its basic function the obligation to provide postal services to bind the Nation together through the personal, educational, literary, and business correspondence of the people. It shall provide prompt, reliable, and efficient services to patrons in all areas and shall render postal services to all communities.
The Postal Service relies on the sale of postage, products and services to fund its operations. It is governed by a board of governors made up of the postmaster general, the deputy postmaster general and nine governors who are appointed by the president (with the advice and consent of the Senate). The USPS competes for business in the communications, distribution, delivery, advertising and retail markets.
• 2010 Operating revenue of $67.1 billion in 2010 (declined $1 billion from 2009, primarily due to lower volume);
• Operating expenses for 2010 of approximately $70 billion (excluding a $5.5 billion expense for pre-funding Retiree Health Benefits
• Net loss of $8.5 billion in 2010, as a result of the revenue