Breaking News: Bush Picks New HUD Secretary
Sunday, April 20, 2008
President George W. Bush has appointed Steve Preston, head administrator of the U.S. Small Business Administration (SBA), to the position of U.S. Secretary of Housing and Urban Development (HUD).
Preston is taking HUD's reigns after former Secretary Alphonso Jackson resigned in the midst of extensive criticism related to allegations of cronyism and political favoritism.
While at the SBA, Preston oversaw the agency's loan guarantee programs—a responsibility President Bush believes will be an asset in his new role.
“When Steve took the reins at the SBA, he streamlined the agency's efforts to disburse loans to small businesses and homeowners devastated by Hurricane Katrina,” President Bush said during a press conference announcing Preston's appointment. “He matched every loan applicant with a case manager to provide the compassion and expertise that applicants needed to navigate the loan process. Within months of Steve's reforms, the backlog of loans fell 80-percent, and response times improved by 90-percent.”
Bush toted Preston as an expert in housing and finance, as well as an agency reformer who has drawn the support of lawmakers on both sides of the aisle.
“As the head of the Small Business Administration, Steve has advanced a reform agenda that made the agency more accountable, more effective and more responsive,” Bush said. “Under his leadership, America's entrepreneurs have received improved access to federal assistance, as well as educational resources.”
Preston is taking HUD's reigns after former Secretary Alphonso Jackson resigned in the midst of extensive criticism related to allegations of cronyism and political favoritism.
While at the SBA, Preston oversaw the agency's loan guarantee programs—a responsibility President Bush believes will be an asset in his new role.
“When Steve took the reins at the SBA, he streamlined the agency's efforts to disburse loans to small businesses and homeowners devastated by Hurricane Katrina,” President Bush said during a press conference announcing Preston's appointment. “He matched every loan applicant with a case manager to provide the compassion and expertise that applicants needed to navigate the loan process. Within months of Steve's reforms, the backlog of loans fell 80-percent, and response times improved by 90-percent.”
Bush toted Preston as an expert in housing and finance, as well as an agency reformer who has drawn the support of lawmakers on both sides of the aisle.
“As the head of the Small Business Administration, Steve has advanced a reform agenda that made the agency more accountable, more effective and more responsive,” Bush said. “Under his leadership, America's entrepreneurs have received improved access to federal assistance, as well as educational resources.”
