29-Cent Postage Rate to Live Through 1993, Postal Service Decides
The Postal Service announced it will keep the 29-cent rate for first-class mail through 1993.
In the final voting session of a 20-month-long rate case, the Postal Service Board of Governors balked at raising the first-class rate from 29 cents to 30 cents.
The news was welcomed by the American Bankers Association, which has estimated that U.S. banks mail almost 5 billion pieces annually. A 1-cent rate increase would have cost banks $50 million more a year, it estimated.
But Postal Service officials warned that the news is not all good. "America will likely see another postage rate increase in early 1994 and another in 1997 or 1998," said Postmaster General Anthony M. Frank.