POWER OF ATTORNEY
KNOW ALL BY THESE PRESENTS, that the undersigned hereby
constitutes and appoints James L. Chosy, Kathryn V. Purdom and
Matthew B. Krush and each of them, the undersigned's true and lawful
attorneys-in-fact for and in the undersigned's name, place and stead to:

1. execute, for and on behalf of the undersigned, any and all statements
and reports required or permitted to be filed by the undersigned, in any
and all capacities, under Section 16(a) of the Securities Exchange Act of
1934, as amended, and the rules promulgated thereunder (the "Act") with
respect to the beneficial ownership of the securities of U.S. Bancorp (the
"Company"), including without limitation Forms 3, 4, 5, and Form 144
required to be filed by the undersigned under Rule 144 of the Securities
Act of 1933, as amended;

2. do and perform any and all acts for and on behalf of the undersigned
which may be necessary or desirable to complete and execute any such
statements and reports and file such statements and reports, with all
amendments, supplements and exhibits thereto, with the Securities and
Exchange Commission, the New York Stock Exchange and/or any other
stock exchange or any similar authority and to deliver copies thereof to the
Company;

3. take any other action of any type whatsoever in connection with the
foregoing which, in the opinion of such attorney-in-fact, may be of benefit
to, in the best interest of, or legally required by, the undersigned, it being
understood that the documents executed by such attorney-in-fact on
behalf of the undersigned pursuant to this Power of Attorney shall be in
such form and shall contain such terms and conditions as such attorney-
in-fact may approve in his or her discretion; and

The undersigned hereby grants to each such attorney-in-fact full power
and authority to do and perform any and every act and thing whatsoever
required, necessary, or proper to be done in the exercise of any of the
rights and powers herein granted, as fully as the undersigned could do if
personally present, with full power of substitution or revocation, and
hereby ratifies and confirms all that such attorneys-in-fact shall lawfully do
or cause to be done by virtue of this Power of Attorney. The undersigned
acknowledges that the foregoing attorneys-in-fact, acting in such capacity
at the request of the undersigned, are not assuming, nor is the Company
assuming, any of the undersigned's responsibilities to comply with Section
16 of the Act. The undersigned agrees that each such attorney-in-fact
herein may rely entirely on information furnished orally or in writing by the
undersigned to such attorney-in-fact.

This Power of Attorney revokes all prior Powers of Attorney submitted to
the Company with respect to the matters expressed herein, and shall
remain in full force and effect until the undersigned is no longer required to
file statements or reports under Section 16(a) of the Act or Rule 144 with
respect to holdings of and transactions in securities issued by the
Company, unless earlier revoked by the undersigned in a signed writing
delivered to the foregoing attorneys-in-fact.

IN WITNESS WHEREOF, the undersigned has caused this Power of
Attorney to be executed as of this 29th day of January, 2025.

/s/ Stephen Philipson
Stephen Philipson
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