{"database": "press", "table": "releases", "rows": [["https://www.hawley.senate.gov/hawley-calls-yellen-protect-missouri-union-jobs-modify-terms-yellow-corporations-loans/", "Hawley Calls on Yellen to Protect Missouri Union Jobs, Modify Terms of Yellow Corporation\u2019s Loans", "2023-11-09", "2023", "2023-11", "Republican", "Senate", "MO", "Josh Hawley", "H001089", "www.hawley.senate.gov", "hawley", "https://www.hawley.senate.gov/press-releases/page/", "scraper", "U.S. Senator Josh Hawley (R-Mo.) sent a letter to Secretary of the Treasury Janet Yellen, urging her to seek authority to extend the repayment terms of Yellow Corporation\u2019s outstanding CARES Act loans, in an effort to allow the company to obtain a buyer and preserve union jobs for hundreds of Missouri workers.\n\n\u201cAfter years of mismanagement, this once-venerable trucking company filed for bankruptcy earlier this year, jeopardizing tens of thousands of positions\u2014including about 750 union jobs in my home state of Missouri,\u201d wrote Senator Hawley. \u201cI urge you to seek the authority to modify the maturity date of Yellow\u2019s outstanding CARES Act loans, pushing this date back to 2026.\u201d\n\nHe continued, \u201cA modification of the repayment terms will allow Yellow to obtain a buyer who will keep its assets together as a going concern\u2014that is, keep it in business as a player in the trucking sector. Reports indicate that such a potential buyer has already emerged. Facilitating such a sale, by making Yellow\u2019s loan repayment terms more flexible, is a commonsense step to keep Yellow\u2019s trucks on the road, and keep its workforce gainfully employed. American workers deserve that support.\n\nRead the full letter here or below.\n\nNovember 8, 2023\n\nThe Hon. Janet Yellen\n\nSecretary of the Treasury\n\nU.S. Department of the Treasury\n\n1500 Pennsylvania Avenue NW\n\nWashington, D.C. 20220\n\nDear Secretary Yellen:\n\nExecutives, not employees, are responsible for corporate failures. American working people shouldn\u2019t, as far as possible, suffer the brunt of bad strategic decisions. But unfortunately, that\u2019s exactly what\u2019s happening at Yellow Corporation. After years of mismanagement, this once-venerable trucking company filed for bankruptcy earlier this year, jeopardizing tens of thousands of positions\u2014including about 750 union jobs in my home state of Missouri.\n\nNow, the company is at risk of being effectively sold for parts, with its facilities being sold to one buyer and its fleet of movable assets being sold to another. If that happens, Yellow\u2019s employees won\u2019t only lose their jobs\u2014which would be bad enough. These workers will also lose a significant portion of their earned benefits, such as accrued vacation time, sick pay, insurance contributions, pensions, and so on. Despite years of faithful service, they will be given the short straw.\n\nBut it doesn\u2019t need to be this way. The most significant financial pressure facing Yellow\u2014and what is catalyzing this fire sale\u2014is Yellow\u2019s outstanding loan under the CARES Act, which comes due in 2024. You have the power to change that. I urge you to seek the authority to modify the maturity date of Yellow\u2019s outstanding CARES Act loans, pushing this date back to 2026. As you know, the Treasury Department has done so on prior occasions, such as during the 2008 financial crisis, where circumstances proved appropriate.\n\nA modification of the repayment terms will allow Yellow to obtain a buyer who will keep its assets together as a going concern\u2014that is, keep it in business as a player in the trucking sector. Reports indicate that such a potential buyer has already emerged. Facilitating such a sale, by making Yellow\u2019s loan repayment terms more flexible, is a commonsense step to keep Yellow\u2019s trucks on the road, and keep its workforce gainfully employed. American workers deserve that support.\n\nThank you for your consideration.\n\nSincerely,", 1, "2026-03-30T01:40:41Z", "2026-04-06T18:49:58Z"]], "columns": ["url", "title", "date", "year", "month", "party", "chamber", "state", "member_name", "bioguide_id", "domain", "scraper", "source", "date_source", "text", "has_text", "collected_at", "updated_at"], "primary_keys": ["url"], "primary_key_values": ["https://www.hawley.senate.gov/hawley-calls-yellen-protect-missouri-union-jobs-modify-terms-yellow-corporations-loans/"], "units": {}, "query_ms": 1.085537951439619, "source": "dwillis/congress-press", "source_url": "https://github.com/dwillis/congress-press", "license": "MIT", "license_url": "https://github.com/dwillis/congress-press/blob/main/LICENSE"}