Pentagon Erred in Relief Loan to Firm, Oversight Member Says
- Panel member says shipping company isn’t critical to security
- Treasury should also have to scrutinize loan, French Hill says
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Congress may have given too much leeway to the Treasury Department and Pentagon to make loans during the pandemic, putting taxpayer dollars at risk, a member of a congressional oversight panel said.
Representative French Hill of Arkansas, a Republican member of the Congressional Oversight Commission, said he’s concerned that the Department of Defense didn’t give YRC Worldwide Inc. enough scrutiny when it classified the company as critical to national security, making it eligible to get a $700 million loan at favorable rates as part of the Cares Act passed in March.