Dianne Feinstein: “One of the problems with the 1-cent stamp is the uncertainty of the post office that the administrative costs will be…”

“One of the problems with the 1-cent stamp is the uncertainty of the post office that the administrative costs will be fully covered by the additional 1 cent. The legislation which passed the House, authored by Susan Molinari and Dick Fazio, on suspension, essentially provides that it can be up to 25 percent --that would be about 8 cents, determined by the Board of Governors--so that the full cost of administering it is covered. The Board of Governors within a short period of time will set the actual amount, whether it is 1 cent, 2 cents, 3 cents or 4 cents, and I actually feel is a much better way of doing it. I think it will end up producing more money. I think it will give the post office fewer ulcers. I think it will be carried out forthwith. This has passed the House, and with the passage here today we can get the show underway. The Board of Governors must, within 1 year of the enactment of the bill, issue the stamp.”