Congressman Ryan Calls on the SEC to Investigate $54 Million Oshkosh Stock Purchase Before USPS Contract Announcement
Washington, DC – Congressman Tim Ryan (OH-13) today urged the Securities and Exchange Commission (SEC) to investigate a $54 million stock purchase made a day before Postmaster General Louis DeJoy announced a contract for the Oshkosh Corporation worth $6 billion to replace the United States Postal Service’s fleet of vehicles.
Last week, Congressman Ryan, Congresswoman Marcy Kaptur, and Senator Sherrod Brown wrote a letter to President Biden urging him to halt the postal truck contract until a review can be conducted on whether inappropriate political influence was involved in the decision. Additionally, Ryan is concerned that only 10% of the vehicles built under this contract are electric, even as President Biden is calling for the electrification of the federal fleet.
The full text of the letter is available here and below.
The Honorable Allison Herren Lee
Securities and Exchange Commission
100 F Street, NE
Washington, DC 20549
Dear Acting Chair Lee:
As you may know, the United States Postal Service (USPS) recently awarded a contract for their Next Generation Delivery Vehicle program to replace the aging USPS fleet. This contract was awarded to Oshkosh Corporation and is worth up to $6 billion. I write to pass along reports of what might be unusual trading of Oshkosh stock that took place less than 24 hours before Postmaster General Louis DeJoy publicly announced the contract decision in front of a House panel on February 23rd.
Specifically, an over $54 million purchase of OSK, made 20 hours before Mr. DeJoy’s announcement, was brought to my attention on social media and in news reports. Additionally, it is my understanding that the OSK stock rose significantly prior to the announcement. Given the gravity and serious implications of this contract, I am writing to request that the Securities and Exchange Commission look into this issue as soon as possible.
I thank you for your work and I stand ready to assist in any way that I can.