On Wednesday, the Senate confirmed Kelly Loeffler, former Republican Senator from Georgia, to lead the Small Business Administration (SBA). Loeffler was nominated by a vote of 52-46, with all Republicans voting yes and all Democrats voting no. During her confirmation hearing, she discussed her plans to reduce regulatory burdens on small business owners and to enhance access to SBA-backed loans and grants. She also asserted her goal to implement Trump’s policies to restore the small business economy. As the Small Business Administrator, Loeffler will help Trump crack down on waste, fraud, and regulatory overreach. Loeffler will lead an agency that is responsible for delivering billions in loans and disaster assistance to small businesses. Under Trump, the SBA administered the Paycheck Protection Program that helped businesses recover from the pandemic.
Loeffler started her business career in the financial services sector with Citibank, William Blair & Company, the Crossroads Group, and Intercontinental Exchange. In 2018, she became the CEO of Bakkt, a subsidiary of Intercontinental Exchange which is a commodity and financial service provider. Bakkt is also a cryptocurrency trading platform that Trump’s Truth Social media company has been in talks to purchase. In addition to her career in the banking and financial services world, she bought a minority stake in the WNBA’s Atlanta Dream in 2010. She took an active ownership role of the team. However, she sold her stake of the team in February 21 after she was criticized for her stance on the Black Lives Matter movement. In December 2019, Georgia Governor Brian Kemp appointed Loeffler to the open Georgia Senate seat vacated by former Johnny Isakson who resigned before his term ended. Trump originally wanted Rep. Doug Collins to be appointed to the seat. Now, Collins and Loeffler will serve in Trump’s Cabinet together.
When she was sworn into the Senate, Loeffler became the second female to represent Georgia in the US Senate. She served in the Senate from 2020 to 2021, before losing in the special election to Sen. Raphael Warnock (D-GA). According to FiveThirtyEight, Loeffler voted in line with Trump’s stated position 80% of the time. She supported efforts to repeal the Affordable Care Act, opposed abortion, and supported constructing a border wall along the Southwest Border. She served on the Health Education Labor and Pensions Committee, the Joint Economic Committee, the Committee on Veterans Affairs, and the Committee on Agriculture, Nutrition, and Forestry. After her time in the Senate, Loeffler founded Greater Georgia, an organization that planned to register likely conservative voters in Georgia and expand conservative messaging. Additionally, Loeffler’s husband, Jeffrey Sprecher, is the chair of the New York Stock Exchange. Loeffler’s net worth is estimated to be roughly $1 billion.
