A report from the Select Subcommittee on the Coronavirus Crisis says the Trump administration went against the Department of Defense’s recommendation to deny Yellow Corp.’s request for $700 million under the Coronavirus Aid, Relief and Economic Security Act.
In a report titled “‘We had our hand in the cookie jar’: The Trump administration’s $700 million ‘national security’ loan to Yellow Corp,” the Select Subcommittee on the Coronavirus Crisis says the Trump White House intervened with the trucking company’s CARES Act loan.
“The Select Subcommittee’s investigation has uncovered troubling evidence that Trump administration political appointees flagrantly disregarded an assessment by career Department of Defense industrial base experts that the company should not be certified under the CARES Act as ‘critical to maintaining national security’ and provided generous loan terms that violated CARES Act risk and interest rate requirements,” the report states. “Evidence obtained by the Select Subcommittee suggests that these decisions were driven by the White House and President Trump himself.”
The subcommittee is requesting that the Treasury Department’s Office of Inspector General investigate whether Yellow Corp. violated federal laws by knowingly making false claims.
Yellow Corp. received the massive loan in July 2020 under a CARES Act program intended to keep companies “critical to maintaining national security” in operation. The Overland Park, Kan.-based company was approved...
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