Trucking company highlights its work
YRC Worldwide, a trucking company that has faced scrutiny from the Congressional Oversight Commission, is highlighting the work it has done during the covid-19 pandemic.
“YRC is a critical part of the America’s supply chain,” company spokeswoman Heather Nauert said in a written statement Friday. “As Americans sheltered in place, our 24,000 drivers and dock workers transported essential goods including PPE and other items, keeping store shelves filled in the thousands of communities we serve.”
The Overland Park, Kan.-based company, which handles less-than-truckload shipping for the military, received a $700 million loan after being classified as vital to national security.
U.S. Rep. French Hill, R-Ark., serves on the commission and is among those voicing concerns about the loan.
“Transporting goods for the federal government is highly complex,” Nauert said in the written statement. “Not all carriers can do it. We provide a highly specialized service that enables our equipment to access Department of Defense facilities. This requires drivers to have specific credentials and training. In addition, our more than 300 terminals positioned across the United States enables YRC to quickly and efficiently access Department of Defense distribution hubs and bases. We are proud of our work on behalf of our men and women in uniform.”
A U.S. Government Accountability Office report, at https://www.gao.gov/assets/720/711174.pdf, found that the Treasury Department, in approving the YRC Worldwide loan, “did not follow the standard process established for evaluating applications.”
The commission recently expressed concern that the loan “may be hurtful to taxpayers.” then-Treasury Secretary Steven Mnuchin in December predicted taxpayers would ultimately make money on the transaction, labeling the loan a success.
The oversight commission was created under the Coronavirus Aid, Relief, and Economic Security Act. The CARES Act provided the U.S. Treasury Department with $500 billion for loans and other investments “to provide liquidity to eligible businesses, States, and municipalities related to losses incurred as a result of coronavirus.”