CONFLICT

Report: Puzder Owes Millions to Bank

UBS needs a waiver Puzder could grant.

Labor secretary nominee Andrew Puzder owes millions to UBS, a bank currently seeking a waiver from government sanctions, after it confessed to tax evasion and interest rate manipulation, the International Business Times reports. Puzder owes UBS between $2.6 million and $11.5 million, debts he incurred from two mortgages and one line of credit IBTimes reports. Puzder did not explicitly list the debt in a federal ethics agreement. UBS, currently facing federal sanctions, requires a government waiver if the bank is to continue managing $22 billion in federal funds. If confirmed as labor secretary, Puzder would have the power to grant the bank a waiver. Previously during his confirmation process, Puzder confessed to hiring an undocumented maid.