The Senate confirmed Kelly Loeffler on Wednesday to lead the Small Business Administration (SBA) in a 52-46 bipartisan vote, marking another cabinet appointment under President Trump’s administration. This decision brings the total number of confirmed cabinet officials to 18.
Loeffler, a former U.S. senator from Georgia, received support from 51 Republicans and Democratic Sen. Jacky Rosen of Nevada. However, 46 Senate Democrats opposed her nomination, and two Republican senators—Jerry Moran of Kansas and Dan Sullivan of Alaska—did not cast their votes.
As the new administrator of the SBA, Loeffler will oversee a roughly $1 billion budget. The agency is responsible for providing loans, grants, and financial assistance to small businesses across the country. Loeffler, who has an estimated net worth of about $1 billion, previously served as an executive at Intercontinental Exchange, a financial services company, before stepping into the U.S. Senate. She was appointed to complete the term of the late Sen. Johnny Isakson.
Loeffler ran for re-election in Georgia in 2020 but was defeated in a runoff by current Democratic Senator Raphael Warnock. Throughout her campaign, she strongly aligned herself with former President Trump, even running ads in Georgia that portrayed her as more conservative than “Attila the Hun.” Her husband, Jeff Sprecher, is the CEO of Intercontinental Exchange and chairman of the New York Stock Exchange.
During her confirmation hearing last month, Loeffler emphasized her commitment to President Trump’s economic agenda, which includes ending inflation, cutting taxes, promoting U.S. energy dominance, reducing regulations, and addressing government waste. She also pledged to donate her $200,000 annual salary as SBA administrator to charity, following her practice of donating her Senate salary during her time in office between 2019 and 2021.
Small Business Committee Chairwoman Joni Ernst (R-Iowa) praised Loeffler’s qualifications, noting her extensive background in business. “As a successful entrepreneur, it is clear that Senator Loeffler understands what it takes to help small businesses and will be a strong advocate for them across America,” Ernst said on the Senate floor.
Loeffler also promised to prioritize transparency within the SBA, assuring that the agency would conduct a comprehensive audit to identify any improper spending. Her confirmation was not without controversy, however, particularly regarding her financial dealings at the onset of the COVID-19 pandemic. Loeffler and her husband faced scrutiny after selling millions of dollars in stocks following a January 2020 Senate Intelligence Committee briefing on the virus. She was one of several senators who sold stocks after attending the meeting, which led to public questions about potential insider trading.
The Small Business Administration, established in 1953 by President Dwight D. Eisenhower, has played a vital role in supporting businesses during times of crisis. In recent years, the SBA has provided relief to businesses affected by natural disasters, including California wildfires and East Coast hurricanes. Loeffler’s appointment comes at a critical time as businesses continue to face significant challenges due to the ongoing pandemic and natural disasters.
Senate Majority Leader John Thune (R-SD) highlighted Loeffler’s connection to small businesses, noting her upbringing on a fourth-generation farm in Illinois. Her family also ran a small trucking company, and Loeffler worked in soybean fields and served tables at small restaurants as a young woman. She was the first in her family to graduate from college before pursuing a successful career in business. Thune expressed confidence that Loeffler’s experience would serve her well in leading the SBA.
In addition to Loeffler’s confirmation, the Senate also confirmed Kash Patel as the next FBI director. Both nominations signal the Trump administration’s continued efforts to fill key leadership positions as it approaches the final months of its term.
Despite some opposition, Loeffler’s confirmation represents a significant moment for small business advocacy in the U.S., with her extensive background in business likely positioning her to be an influential voice for entrepreneurs across the country.