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The Congressional Oversight Commission overseeing COVID-19 relief funds excoriated the Defense and Treasury departments Tuesday over a $700 million loan to a troubled shipping company.
The Treasury Department and the Defense Dpeartment offered the loan in July when the company, YRC Worldwide, was reportedly worth just $70 million and had been sued by the Pentagon for overpriced shipping costs.
The bipartisan commission overseeing funds from the $2.2 trillion CARES Act said both agencies had failed to provide adequate answers on the matter, and in some cases had raised further concerns with their responses to earlier inquiries.
The Treasury Department and the Defense Dpeartment offered the loan in July when the company, YRC Worldwide, was reportedly worth just $70 million and had been sued by the Pentagon for overpriced shipping costs.
The bipartisan commission overseeing funds from the $2.2 trillion CARES Act said both agencies had failed to provide adequate answers on the matter, and in some cases had raised further concerns with their responses to earlier inquiries.
Oversight panel slams Pentagon for $700M loan
Posted from thehill.com
Government
DoD
Congress
Posted 4 y ago
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Oversight is good, when they stay in their lane. I looked up the members. The panel does not have a "Chair", one member is not in a position to have "need to know" on matters of National Security, and I would bet that the other 3 don't have the clearances for the Security issues in question. Yellow Freight has been around a long time.
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Big $ values are enticcing to those who would cheat the tax payer -- Good to see an oversight panel taking actions
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