RELEASE: REP. HILL REACTS TO CONGRESSIONAL OVERSIGHT COMMISSION REPORT DETAILING CONCERNS OVER TREASURY'S $700 MILLION LOAN TO YELLOW
WASHINGTON, D.C., June 27, 2023
WASHINGTON, D.C. – Rep. French Hill (AR-02), member of the Congressional Oversight Commission (COC), today released the following statement after the Commission released its special report outlining a culmination of its findings over the past three years from its investigation into the $700 million loan that trucking company Yellow Corporation, formerly YRC Worldwide, Inc., received from the Treasury Department.
“The report released today by the Commission verifies that Yellow should have never received a $700 million taxpayer bailout from Treasury. The company had long-standing financial troubles before the pandemic and was not critical to maintaining national security given it was not the sole provider of such services. Yellow's reckless actions to use taxpayer funds on expenditures unrelated to the purpose of the loan program is exactly why Congress needs to ensure that there are better guardrails as to where future Treasury loans are being distributed and how the loans are being used.”
Based on their examination of the Treasury’s $700 million loan to Yellow, the Commission provided the following recommendations to prevent taxpayer bailouts from happening again with future emergency loan programs:
To read the full report, please click HERE.