In a decisive vote on Wednesday, the U.S. Senate has confirmed Kelly Loeffler, a businesswoman from Georgia and former senator, to take the helm of the Small Business Administration (SBA). This appointment brings back a prominent supporter of President Donald Trump to a significant position in Washington.
The SBA, established in 1953, identifies itself as the only Cabinet-level federal agency dedicated entirely to small business support. It aims to offer resources such as counseling, capital, and contracting guidance, serving as a vital voice for small businesses across the nation. Traditionally, this agency provides Economic Injury Disaster Loans, which assist with working capital immediately following disasters. These loans cover fixed debts, payroll, accounts payable, and other obligations that businesses might face due to unforeseen events.
Kelly Loeffler received confirmation from the Senate with a vote tally of 52-46. Previously, she played a key role as co-chair of Trump’s second inaugural committee and had a brief tenure in the U.S. Senate during the last year of Trump’s first term. Appointed by Georgia’s Republican Governor Brian Kemp to fill the seat of the retiring Johnny Isakson, Loeffler was initially viewed as a moderate Republican. However, during her campaign for reelection in 2020, she aligned closely with Trump’s ideology, even going so far as to describe her political stance as “more conservative than Attila the Hun.”
In the November 2020 elections, Loeffler and fellow Republican David Perdue, both supporters of Trump, moved on to a runoff after Trump narrowly lost Georgia to Joe Biden. Several controversies arose during this period, particularly involving Trump pressuring the state’s Secretary of State, Brad Raffensperger, to locate enough votes to alter the election outcome. Following Biden’s victory certification, Loeffler publicly called for Raffensperger to resign, adding to the tensions surrounding the election.
With skepticism regarding Georgia’s election integrity perpetuated by Loeffler, Perdue, and Trump, GOP turnout dipped in the January runoffs. This resulted in Loeffler’s defeat to Democrat Raphael Warnock and Perdue’s loss to Jon Ossoff, which occurred just a day before the violent January 6 Capitol riots incited by Trump supporters.
The Republican defeats in Georgia played a crucial role in granting Democrats a narrow majority in the Senate. Although Trump had secured Georgia in the previous election cycle, the state remains pivotal for both Trump’s and the Republican Party’s prospects moving forward.
Following her electoral loss to Warnock, Loeffler pivoted her focus towards conservative voter registration efforts and increased her involvement in GOP fundraising initiatives. She has since emerged as a top donor and bundler for Trump’s anticipated 2024 presidential campaign.
Loeffler’s ascendance to the SBA adds another notably affluent member to the billionaire-led cabinet, as she was recognized as the wealthiest member of the Senate during her short stay. She is married to Jeffrey Sprecher, who is the CEO of Intercontinental Exchange, the publicly traded company that owns the New York Stock Exchange.
