B2B Payments

Trump Announces Pick For New Small Business Administration Chief

President Donald Trump has announced that he will nominate U.S. Treasurer Jovita Carranza to be the next chief of the Small Business Administration (SBA).

“Jovita was a great Treasurer of the United States, and I look forward to her joining my Cabinet!” Trump said in a tweet announcing her nomination on Thursday (April 4), according to Reuters.

Carranza was the SBA deputy administrator from 2006 to 2009. Before that, she worked at United Parcel Service (UPS), where she rose from being a box handler to president of the agency's Latin America and Caribbean operations.

If confirmed, Carranza will replace World Wrestling Entertainment Co-founder Linda McMahon, who is stepping down as SBA administrator to help Trump with his re-election efforts.

On Friday (March 29) it was revealed that McMahon would leave the position, Trump announced, adding that she has done an “outstanding” job. McMahon will turn to helping “with the very important year and a half that we have coming up: the re-election,” Trump said.

McMahon had been in the position since 2016. In a statement, she said it was an “honor” to serve. An unnamed source said that McMahon is planning to join America First Action SuperPAC, supporting Trump’s re-election campaign.

Her appointment to the SBA came after two failed runs as senator for Connecticut. Both times, she lost to Democrats Richard Blumenthal and Chris Murphy. Both Blumenthal and Murphy reportedly backed her appointment to the SBA.

Last year, the U.S. Senate passed a bill broadening the SBA’s authority over its Small Business 7(a) loan program, which would strengthen its credit risk management office, enhance the SBA’s oversight of lenders and enable full-risk analysis of its small business loan program.

News of the leadership change came the day after a federal judge ruled against the small business health insurance plan supported by Trump, declaring the plans as “clearly an end-run” to avoid consumer protection rules under the Affordable Care Act.

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