Preston Confirmation Hearing Wrap-Up

The Senate Banking Committee held its hearing last week on President Bush's nomination of the Small Business Administration chief to be secretary of the Department of Housing and Urban Development.

SBA Administrator Steven Preston was the only witness at the May 22 hearing, which initially had been scheduled for May 20.

Preston discussed his experience at the SBA, focusing on the loan programs, reforming the agency and dealing with the aftermath of Hurricane Katrina.

Sen. Chris Dodd (D-Conn.), who chairs the banking panel, said he had some concerns. He told Preston: "You do not have a background in housing or housing finance. While you possess other skills of great importance, I do believe that a working knowledge and background in housing is valuable, especially for the Secretary of HUD, a position of incredible importance, even in normal times. We, unfortunately, are not in normal times."

If you'd like to view the hearing or read Preston's testimony or a statement from Dodd, please click here.

By Sharon McLoone |  May 29, 2008; 2:05 PM ET Policymakers
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