Oversight panel slams Pentagon for $700m loan
Source: The Hill
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.
Treasury and DoD 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 Department of Defense has yet to provide the Commission a satisfactory explanation for how YRC is critical to national security," the committee said in its most recent oversight report, noting that there were three larger shipping providers offering similar services.
Read more: https://www.msn.com/en-us/news/politics/oversight-panel-slams-pentagon-for-dollar700m-loan/ar-BB1bxkrx?li=BBnb7Kz
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