Press Releases

The members of the Congressional Oversight Commission have published their twenty-third report. It is available for review HERE.

The Commission's twenty-two previous reports are also available for review at the Congressional Oversight Commission’s website HERE.

The Commission reiterated in this month’s report its concerns regarding the Treasury’s process for certifying Yellow as “critical to maintaining national security” and questioned whether Yellow’s precarious financial position at the time of the loan exposed taxpayers to a significant risk of loss. Following a series of correspondence between the Commission, the Treasury, and the Defense Department, the Commission was better able to understand the decision-making process behind the “critical to maintaining national security” designation and the rationale for the Treasury loan to Yellow. However, the Commission was unable to substantiate the assertion the Treasury and the Defense Department made indicating that Yellow provides 68% of less-than-truckload (“LTL”) services to the Defense Department, based on materials the Commission received. The Commission also wanted to understand the role Yellow’s efforts to lobby Congress, the Treasury, and the Defense Department played in the loan process.

As of March 31, 2022, the Commission has not yet received documents from the Defense Department or the Treasury in response to this request. Both agencies have notified the Commission that they are still preparing responses to the Commission.

The Congressional Oversight Commission is a five-person panel that was established by the CARES Act. The Commission is focused specifically on the economic stabilization efforts of the Treasury Department and the Federal Reserve. The current members of the Commission are Senator Pat Toomey (R-Pa.) and Congressman French Hill (R-Ark.).