Emails obtained by congressional watchdogs suggest that former President Donald Trump and his aides may have pushed for a $700 million federal loan to LTL carrier YRC Worldwide Inc. to gain support from the Teamsters in the run-up to the 2020 election.
The new details are included in a report issued on Wednesday by Democrats on the House Select Subcommittee on the Coronavirus Crisis. It is part of the panel’s investigation into the legality of a national security loan issued by the Trump...
The latest report from the congressional oversight commission monitoring COVID-relief loans, including the $700 million loan made to less-than-truckload carrier YRC Worldwide (NASDAQ: YRCW), finds shortcomings in the decision-making process on behalf of the Defense and Treasury departments.
The main sticking points for the commission have been the designation of YRC as a company “critical to maintaining national security” and the Treasury Department’s underwriting of a loan to provide...
https://www.freightwaves.com/news/national-security-designation-for-700m-yrc-loan-amiss
The U.S. Postal Service (USPS) has reached an “agreement in principle” with the U.S. Treasury Department on a long-awaited $10 billion loan that the agency needs to survive a steep drop in mail volume and staggering financial losses.
But the loan comes with a caveat: USPS must provide Treasury copies of its 10 largest service contracts with third-party last-mile delivery companies Amazon (NASDAQ:AMZN), FedEx (NYSE:FDX), and UPS (NYSE:UPS), according to the Washington Post, which received a copy...
https://www.freightwaves.com/news/postal-service-reaches-agreement-on-10-billion-treasury-loan