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...
Two congressional oversight panels have opened an investigation of three major ocean carriers, alleging that their dramatic rate hikes charged to shippers may have fueled inflation.
Leaders of the Select Subcommittee on the Coronavirus Crisis and the Subcommittee on Economic and Consumer Policy — which operate under the House Committee on Oversight and Reform — sent letters on Wednesday to heads of Maersk, CMA CGM and Hapag-Lloyd requesting information about their container rate increases and...
https://www.freightwaves.com/news/house-panels-open-price-gouging-probe-of-major-ocean-carriers
New claims surfaced Wednesday on how the $700 million pandemic relief loan made to LTL carrier Yellow Corp., formerly YRC Worldwide, came to be.
A press release issued by a Democrat-led committee investigating “waste, fraud, and abuse” in the CARES Act lending program said the group was seeking records from the Trump White House regarding its correspondence pertaining to the bailout loan made to Yellow (NASDAQ: YELL). In a Tuesday letter, Rep. James Clyburn, chairman of the Select Subcommittee...
Congress is stepping up its scrutiny of Yellow Corp. (NASDAQ: YELL) and its $700 million CARES Act relief loan following reports alleging the company may have been ineligible for the funds and then misused them.
In letters sent on Thursday to Treasury Secretary Janet Yellen, Department of Defense (DOD) Secretary Lloyd Austin, Yellow CEO Darren Hawkins and Crowley Logistics, Rep. James Clyburn, D-S.C., chairman of the Select Subcommittee on the Coronavirus Crisis, requested documents on whether...
https://www.freightwaves.com/news/congress-escalates-probe-into-yellows-700m-covid-loan
The third-ranking Democrat in the House of Representatives is asking four cargo airlines to return more than $630 million they received in emergency funding to keep workers from losing their jobs during the coronavirus pandemic, saying they aren’t entitled to the money because cargo business is roaring.
South Carolina Rep. James Clyburn, the majority whip and chairman of the Oversight and Reform select subcommittee on the coronavirus crisis, on Monday wrote Amerijet International, Atlas Air...
https://s29755.pcdn.co/news/house-democrats-try-to-claw-back-covid-aid-from-cargo-airlines
Air cargo contractor Swissport USA, which has operations in 16 of the busiest U.S. airports, faces questions from lawmakers for accepting $170.4 million in federal relief funds after laying off thousands of workers.
In a July 29 letter to U.S. Treasury Secretary Steven Mnuchin, three committee leaders in the U.S. House of Representatives contended that the Payroll Support Program (PSP) was intended to save jobs affected by the coronavirus pandemic, “not provide a corporate bailout.”
Under the...