$700 million rescue of troubled trucking company with White House ties draws scrutiny
WASHINGTON — At a virtual congressional hearing in May, Sen. Jerry Moran, R-Kan., asked Treasury Secretary Steven Mnuchin for help. A struggling trucking company in his state was on the brink of collapse and needed government support.
It has also raised questions about whether YRC benefited from a web of connections between the company and the White House that allowed it to bypass the Trump administration’s own rules for which companies should be eligible for federal help. The company has said the loan will be used to pay pension and health care costs and to invest in trailers and trucks.
Some members of the commission also want to look into whether YRC’s relationship with Apollo influenced the approval of the loan, according to a person familiar with the matter. No decision has been made about moving the inquiry in that direction. The commission, which will hold its first hearing on Friday morning, has the power to request documents, call witnesses and coordinate with other congressional committees on oversight matters.
Since the pandemic, Apollo has been lobbying the Trump administration to allow broader access to an emergency Federal Reserve lending program. YRC attributes the complaint to an old contractual dispute and says it has a motion for dismissal pending.
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