U.S. Lawmakers Probe Coronavirus Aid to Yellow Corp.

Federal lawmakers are probing the U.S. government’s possible role in the distribution of an experimental vaccine for the H5N1 bird flu virus. The vaccine, created by scientists at the National Institutes of Health, could be distributed to any company that needs it if a government emergency program is activated. The vaccine was created at the request of the U.S. government, according to a spokesman for the National Institute of Allergy and Infectious Diseases, which partnered with the company that created the vaccine.

Investigators from the U.S. House of Representatives, the U.S. Senate and Centers for Disease Control all say that the Obama administration violated federal law when it gave $339 million in aid to a Taiwanese company that sells a patented water treatment product for Asian rice crops, including those for yellow rice, that use a virus known to cause severe hemorrhagic fever.

Rep. Elijah E. Cummings didn’t mince words in a letter to the CEO of China’s Yellow River Paper, a maker of recycled paper that’s used to make napkins and toilet paper, that strongly questions whether the paper’s facilities in China were contaminated with the H7N9 virus before it was shipped to the U.S.

word-image-1417 A Democrat-led House committee is investigating whether a $700 million loan to a financially troubled trucking company was appropriate. Yellow Corp. has been issued and used inappropriately. The investigation, announced Wednesday by the ad hoc subcommittee on the coronavirus crisis, will examine whether funds were improperly distributed, whether Yellow provided false or misleading information to obtain a national security loan, and whether loan funds were improperly used for purposes unrelated to the losses caused by the coronavirus crisis, the June 3 letter said. Rep. James Clyburn (D., S.C.), chairman of the subcommittee, sent a letter to the chairman of the board of directors of Yellow Darren Hawkins. The investigation followed months of scrutiny by a separate bipartisan congressional committee that scrutinized the yellow credit, which accounts for nearly all federal aid to companies deemed critical to national security. The government said it provided the loan because the company is a major provider of military transportation services.

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Logistics report

The best news and in-depth analysis from the world of logistics, from supply chain to transportation and technology. Yellow, then known as YRC Worldwide Inc, is one of the largest freight forwarding companies in the United States. When the coronavirus pandemic hit and plunged the company into a cash crisis, it struggled to rebuild its operations. The trucking company, based in Overland Park, Kan, said it would extend its full cooperation to the selected subcommittee. Yellow applied for the loan in response to the significant negative impact of the pandemic and will repay the loan in full, the company said in a statement. According to the company, the company handles a significant amount of cargo that is not from the Department of Defense, and we support this national security designation. The investigation is also requesting information and documents from the Treasury Department and the Defense Department related to the 2020 loan, including correspondence with Geel, the White House and the European Commission. Apollo Global Management Inc, one of Geel’s biggest creditors. The special subcommittee is concerned that the previous government may have mismanaged the national security loan program and misappropriated taxpayer money, Clyburn wrote in separate letters to the finance minister. Janet Yellen and the Minister of Defense Lloyd Austin.

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A Treasury Department spokeswoman said the agency is closely monitoring borrowers’ compliance with current regulations. We will continue to pay attention to all oversight bodies, including the Congressional Oversight Committee. There was no immediate comment from the Department of Defense. An Apollo spokeswoman said the company was not involved in the decision to apply for Treasury funds and was not speaking on its behalf. Apollo Funds does not own or control Yellow, she said, and the firm does not own shares in the company. The Congressional Oversight Committee, set up to oversee the allocation of funds for the fight against the coronavirus, said in its April 30…report that the Treasury and Defense Departments incorrectly labeled Yellow as critical to national security and doubted that the appropriation was appropriate given the company’s financial difficulties before the pandemic. Yellow used most of the credit to replace trucks and trailers in its fleet as part of a long-term capital plan that appears to violate the Care Act, Clyburn wrote in his letter to Hawkins. Email Jennifer Smith at jennifer.smith@wsj.com. Copyright ©2020 Dow Jones & Company, Inc. All rights reserved. 87990cbe856818d5eddac44c7b1cdeb8Response to a USA Today story on yellow fever vaccines.. Read more about businesses fret over trucking crunch and let us know what you think.

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