SBA Chief to Be Named Head of HUD, Sources Say

Washington, D.C.–President Bush will nominate the head of the Small Business Administration, Steven C. Preston, to head the Department of Housing and Urban Development, the Washington Post reported Friday. Alphonso Jackson resigned the post in the midst of accusations that he had treated friends and acquaintances favorably. Preston–a former Lehman Brothers investment banker who left the company in 2006 to become SBA administrator–was chosen because of his finance knowledge, sources said.He has been credited with revamping the SBA–giving $6 billion to business owners and handling tens of thousands of small-business queries in just months–following concern that the organization had not helped small businesses affected by Hurricane Katrina quickly enough.