Mnuchin to recommend next Treasury secretary sell $700 million 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 million 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

Reuters December 11, 2020 00:06:26 IST
Mnuchin to recommend next Treasury secretary sell $700 million YRC loan

Mnuchin to recommend next Treasury secretary sell 700 million 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 million 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.

(Corrects to show loan amount $700 million, not $700 billion in headline and first paragraph)

(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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