Mnuchin to recommend next Treasury secretary sell $700 billion YRC loan
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.
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."
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"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)
This story has not been edited by Firstpost staff and is generated by auto-feed.
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