Thank you. Those sound like very worthwhile and protective moves on the Commission's part.

The success of that depends on close coordination with the Commission, and the Commission was charged with developing a comprehensive risk assessment.

Without their dedication, this vital work could not be done.

What I don't want to see is another year like this past year... where the payment is significantly reduced.

There's a considerable difference in the estimates of savings.

The GAO also says that the Postal Service pays a considerably higher percentage of the employees' health insurance and life insurance, compared to the average Federal agency.

I'm confident that you're going to lose volume.

Thank you, Mr. Chairman. Let me begin by expressing my appreciation to you for holding this important hearing to discuss the dire and declining financial condition of the Postal Service, an institution that is critical to our economy and…

Let me pick up on the issue of 5-day delivery. One of the major problems that the Postal Service is facing is a reduction in volume. Would you agree with that?

I know, but let me switch----

I must say, Mr. Chairman, that I'm experiencing a sense of deja vu in attending today's hearing on this topic.

Mr. Potter, it's my understanding that the OPM and the GAO both strenuously disagree with the inspector general's conclusion.

I was alarmed to learn that CBP had so little authority, prior to this law, to actually seize and destroy dangerous consumer products.

The Postal Service, as the chairman has pointed out, is one of our oldest institutions. It is the lynchpin of a $900 billion mailing industry that employs close to 9 million people.

we always have--we've brought more than 300 cases to shut down foreclosure rescue scams, fake job offers, and, as you mentioned, Senator Collins, phony access to Federal stimulus money.

Whatever plan we adopt, we have to make sure that it truly positions the Postal Service for the future.

In 2008, we acted to strengthen the laws governing the safety of goods entering this country and to provide much-needed additional resources to intercept unsafe products by passing the Consumer Product Safety Improvement Act.

This is such a complex and important issue. We clearly need more transparency.

One of the major problems that the Postal Service is facing is a reduction in volume.

I would like your best judgment on, what should we do about that issue?

I am troubled, obviously, by the prospect of the Postal Service laying off 13,000 people in this terrible economy.

I would like to ask you to address that issue in a factual way, to help us better understand this charge.

I think that would be helpful information for us to have.

Well, that's something that I'm sure we're going to continue to work on.

As Senator Collins noted, in July 2009 GAO added the Postal Service's financial condition to our high-risk list again and reported that action is urgently needed in multiple areas so that the Postal Service can achieve financial viability.