Mnuchin Questioned on Treasury Loan to Apollo-Backed Firm (1)

Treasury Secretary Steven Mnuchin faced questions on Thursday from a congressional oversight panel over his department’s decision to extend a $700 million loan to a trucking company backed by private equity firm Apollo Global Management Inc.

The Treasury Department approved a loan to YRC Worldwide Inc., a Kansas-based shipping company, drawing on funds from the March Cares Act that were intended to help bolster companies critical to national security. The watchdog has raised concerns that the loan could put taxpayer money at risk and that YRC, which ships supplies between military bases, isn’t critical to national security.

Congress and ...