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Mnuchin to recommend next Treasury secretary sell $700 billion YRC loan

Mnuchin to recommend next Treasury secretary sell $700 billion YRC loan

December 10, 2020

WASHINGTON (Reuters) – U.S. Treasury Secretary Steven Mnuchin said on Thursday he will recommend that his successor next year consider selling to a third party the $700 billion emergency government loan made to trucking company YRC Worldwide at a profit to taxpayers.

Mnuchin, speaking to a congressional oversight commission on federal coronavirus aid programs, said the loan to YRC, which hauls goods for the Defense Department, “was a risky loan.”

“We’ve been fortunate that the economy recovered, and that the equity is doing well and I am going to recommend that next year, whoever is Treasury secretary seriously look at selling this loan and recovering what I think will be a profit to taxpayers because this was a success,” Mnuchin said.

(Reporting by David Lawder; editing by Diane Craft)

The post Mnuchin to recommend next Treasury secretary sell 0 billion YRC loan first appeared on One America News Network.

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