The U.S. Senate on Wednesday confirmed Kelly Loeffler, a Georgia businesswoman and former senator, to lead the Small Business Administration, returning a stalwart supporter of President Donald Trump to Washington.
At SBA, Loeffler will oversee the entity that describes itself as the only Cabinet-level federal agency “fully dedicated to small business” by providing “counseling, capital, and contracting expertise as the nation’s only go-to resource and voice for small businesses.” Typically, the agency—which was founded in 1953—offers Economic Injury Disaster Loans to help meet working capital needs caused by a disaster, loans that can be used to pay fixed debts, payroll, accounts payable and other expenses that would have been met if not for the disaster.
The Senate confirmed Loeffler on a 52-46 vote.
Loeffler, who co-chaired Trump’s second inaugural committee, served briefly in the U.S. Senate in the final year of the president’s first term. Appointing her to the Senate to fill out the term of Johnny Isakson, Georgia GOP Gov.
Loeffler’s confirmation also adds another Cabinet member of significant wealth to the billionaire president’s second administration. Loeffler—a former WNBA owner and executive who during her brief stint on Capitol Hill was the Senate’s wealthiest member—is married to Jeffrey Sprecher, CEO of Intercontinental Exchange, the publicly traded firm that owns the New York Stock Exchange.
