U.S. Treasury Department

US regulators balk at billion-dollar takeover of Ports America

Two U.S. Federal Maritime commissioners concerned about foreign ownership of American supply chains want federal officials to conduct a “full and thorough review” of the proposed purchase of Ports America by a Canadian pension fund.

In a letter sent last week to U.S. Treasury Secretary Janet Yellen, FMC Commissioners Carl Bentzel and Louis Sola warned that the proposed acquisition by the Canada Pension Plan Investment Board (CPP Investments) could run counter to U.S. economic interests.

“CPP...

https://www.freightwaves.com/news/us-regulators-balk-at-billion-dollar-takeover-of-ports-america

Congress escalates probe into Yellow’s $700M COVID loan

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

Yellow, ABF drivers edge closer to long-term pension protection

Legislation aimed at bailing out multiemployer pension funds in danger of failing — including the fund that holds pensions for tens of thousands of Yellow Corp. and ABF Freight drivers and their spouses — could finally make it into law under the latest COVID-19 relief measure.

The Butch Lewis Emergency Pension Plan Relief Act of 2021, legislation that the Ways & Means Committee in the U.S. House of Representatives is considering this week to include in a broader COVID-19 stimulus package, would...

https://www.freightwaves.com/news/yellow-abf-drivers-edge-closer-to-long-term-pension-protection

US Postal Service begins agency overhaul

The U.S. Postal Service (USPS) announced an organizational realignment Friday to refocus its business, setting the stage for a long-anticipated overhaul to save the agency from financial collapse.

“To reach our full potential we need to be even better at everything we do well now, but we also need to recognize our issues and urgently embrace the changes required to unleash the full range of possibilities, and we need to start yesterday,” said Postmaster General and CEO Louis DeJoy, speaking this...

https://www.freightwaves.com/news/us-postal-service-begins-agency-overhaul

Postal Service reaches agreement on $10 billion Treasury loan

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

Feds fine Amazon for selling to sanctioned countries

The Trump Administration has fined Amazon (NASDAQ: AMZN) for selling goods and services to people and countries sanctioned by the United States for various criminal activities, including terrorism and the production of weapons of mass destruction.

Amazon agreed to a $134,523 settlement with the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) for “apparent violations that consisted primarily of transactions involving low-value retail goods and services for which the total...

https://s29755.pcdn.co/news/feds-fine-amazon-for-selling-to-sanctioned-countries

Trying to make sense of the YRC bailout

YRC Freight double in the desert

The claws are coming out already, with some industry onlookers questioning the government’s rationale behind making a huge loan to less-than-truckload (LTL) carrier YRC Worldwide (NASDAQ: YRCW), a perpetually struggling company and one that the government’s own Defense Department alleges overcharged it for services. The loan’s placement under the umbrella of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which is intended to help businesses survive the economic downturn caused...

https://s29755.pcdn.co/news/trying-to-make-sense-of-the-yrc-bailout

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