Senate Confirms Former Sen. Loeffler to Head Up Small Business Administration
The Senate gave its approval on Wednesday for Kelly Loeffler to lead the Small Business Administration, confirming her in a bipartisan vote and bringing the total number of President Trump’s cabinet officials to 18.
In a 52-46 vote, the upper chamber confirmed Loeffler’s nomination, with Democratic Sen. Jacky Rosen of Nevada siding with 51 Republicans in favor.
Opposing the nomination were 46 Democrats, while Republican Sens. Jerry Moran of Kansas and Dan Sullivan of Alaska did not participate in the vote.
According to the New York Post, “Loeffler will now lead the agency with a roughly $1 billion budget tasked with providing loans, grants and financial coaching to small-business owners nationwide.”
Loeffler, who has an estimated net worth of approximately $1 billion, was an executive at Intercontinental Exchange before being appointed to the U.S. Senate to complete the late Sen. Johnny Isakson’s term.
The former Georgia senator lost her seat in a runoff election against current Democratic Sen. Raphael Warnock in January 2021. Throughout her campaign, she fully embraced Trump, running ads in Georgia that described her as “more conservative than Attila the Hun.”
Her husband, Jeff Sprecher, serves as the CEO of Intercontinental Exchange and is also the chairman of the New York Stock Exchange.
During her confirmation hearing before the Senate Small Business Committee last month, Loeffler assured Trump, 78, that she would help usher in a “golden era of prosperity and growth.” She detailed her priorities, which included “ending inflation, cutting taxes, unleashing American energy dominance, slashing regulation, and reining in fraud, waste, and abuse across government.”
Additionally, Loeffler committed to donating her annual salary of over $200,000 as SBA administrator to charity, a practice she previously followed with her $174,000 Senate salary between 2019 and 2021, The Post further noted.
“Sen. Loeffler is immensely qualified for this role,” stated Small Business Committee Chairwoman Joni Ernst (R-Iowa) in a floor speech last Thursday.
“As a successful businesswoman, it is abundantly clear that Senator Loeffler truly understands what it takes to be an entrepreneur and will be an effective voice for small businesses across America.”
Ernst also mentioned that Loeffler assured her the SBA would be conducting “a full-scale audit” to “uncover any improper spending,” as reported by The Post.
However, Loeffler has faced controversy in the past due to stock sales she and her husband made at the onset of the COVID-19 pandemic.
She was among several senators who offloaded shares following a Senate Intelligence Committee briefing on Jan. 24, which included then-committee chairman Sen. Richard Burr (R-NC).
The SBA was established in 1953 under legislation signed by former President Dwight D. Eisenhower, and it has since played a key role in providing financial relief to business owners affected by natural disasters. Loeffler’s appointment is seen as significant given the recent devastation caused by wildfires in California and hurricanes along the East Coast.
Senate Majority Leader John Thune (R-SD) highlighted Loeffler’s background, stating in a Wednesday floor speech that “Small business is in Kelly Loeffler’s blood.”
“She grew up on her family’s fourth-generation farm in Illinois,” he said. “In addition to the farm, her dad ran a small trucking company,” he continued. “And as a young woman, Kelly Loeffler worked in the soybean fields and waited tables at small restaurants in the heartland. And she was the first person in her family to graduate from college before embarking on a successful career in business herself,” he added.
In addition to Loeffler’s confirmation, the Senate on Thursday approved Kash Patel as the country’s next FBI director. Republican senators previously expressed confidence that Trump’s nominee “has the votes” and would secure confirmation following a key procedural vote.