U.S. Senator Daniel K. Akaka (D-Hawaii), Chairman of the Governmental Affairs Subcommittee on International Security, Proliferation, and Federal Services, announced today that the Subcommittee will review the U.S. Postal Service's Transformation Plan with Postmaster General John E. Potter and Comptroller General David M. Walker at a hearing on Friday, May 3, 2002, at 10:00 a.m. in Room 342 of the Dirksen Senate Office Building.

Senator Akaka said the nation's $900 billion domestic mailing industry and its 9 million employees are at risk unless the long-term structural, financial, and operational issues facing the Postal Service are addressed. He and Senator Thad Cochran (R-MS), the Subcommittee's ranking member, will examine the proposals and issues raised by the Transformation Plan, as well as a recent General Accounting Office (GAO) report on postal finances.

USPS released the Postal Transformation Plan on April 4, 2002. The plan was prepared at the request of Senators Akaka, Cochran, Joseph Lieberman (D-CT), and Fred Thompson (R-TN) after the GAO placed the Postal Service's transformation efforts and long-term outlook on its High-Risk list in April 2001. In addition, the four senior members of the Governmental Affairs Committee asked the GAO to undertake an assessment of the financial condition of the Postal Service in March 2001. That report entitled, "U.S. Postal Service: Deteriorating Financial Outlook Increases Need for Transformation," [GAO-02-0355] was released in March 2002.

The Postal Transformation Plan is available online at:

http://www.usps.com/strategicdirection/transform.htm/