Congress moved closer Thursday to letting the Postal Service create a for-profit subsidiary that some banks fear could become a financial services competitor.

On a voice vote, House Government Reform's Postal Service subcommittee approved a bill that would let the agency form USPS Corp.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.