[Weekly Compilation of Presidential Documents Volume 44, Number 15 (Monday, April 21, 2008)]
[Pages 547-548]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
Remarks on the Nomination of Steven C. Preston To Be Secretary of 
Housing and Urban Development

April 18, 2008

    Thank you all. Please be seated. Welcome.
    A few weeks ago, my dear friend Alphonso Jackson informed me of his 
decision to step down as the Secretary of Housing and Urban Development. 
Secretary Jackson is one of the longest serving members of my 
administration. I know him well. He's a decent man; he's a dedicated 
man; and he's a compassionate man. He's worked tirelessly at HUD to help 
American's homeowners. He has transformed a lot of lives, and America is 
a better place because of your service. I wish you and Marcia all the 
very best as you head back to Texas. I'll be right behind you. 
[Laughter]
    The Department requires strong leadership at a time when our housing 
market is experiencing a period of challenge and uncertainty. In seeking 
to fill this important Cabinet post, I looked for a leader with an 
impressive background in finance, someone who understands the important 
role the housing market plays in the broader economy. I sought a 
reformer who would act aggressively to help Americans obtain affordable 
mortgages, and I sought a--and be able to keep their homes. I sought a 
consensus-builder who's earned the respect of Republicans and Democrats, 
who can get things done.
    I found these qualities and much more in Steve Preston. Steve is a 
strong executive with a quarter century of management experience. He's 
had senior leadership roles at two multibillion dollar corporations and 
in the financial services industry. He understands the free enterprise 
system from every angle.
    As the head of the Small Business Administration, Steve has advanced 
a reform agenda that made the agency more accountable, more effective, 
and more responsive. Under his leadership, America's entrepreneurs have 
received improved access to Federal assistance as well as educational 
resources. Under his leadership, the SBA has increased its focus on 
supporting business development in areas with high unemployment and 
poverty

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rates. And under his leadership, agency efficiency's improved, and 
America's small-business community has found a trusted friend and 
partner.
    During his tenure at SBA, Steve has managed loan guarantee programs 
that are similar in structure to those run by the Federal Housing 
Administration, and he's made these programs run very effectively. When 
Steve took the reins at the SBA, he streamlined the agency's efforts to 
disburse loans to small businesses and homeowners devastated by 
Hurricane Katrina. He matched every loan applicant with a case manager 
to provide the compassion and expertise that applicants needed to 
navigate the loan process.
    Within months of Steve's reforms, the backlog of loans fell 80 
percent and response times improved by 90 percent. Today, more than $6 
billion in SBA loans are helping more than 160,000 gulf coast families 
rebuild their homes, their businesses, and their lives.
    Steve Preston is an experienced manager who knows what to do. He 
knows how to tackle a problem, devise a solution, and get results. 
That's exactly the kind of leadership I was looking for. And that's why 
I'm going to send his name up to the United States Senate to be the 
Department's Secretary.
    He will play a central role in helping address our Nation's housing 
challenges. He'll work with Members of Congress to advance responsible 
legislation that will help millions of American homeowners. He will be 
entrusted with one of the most rewarding jobs in the Federal Government: 
helping our fellow Americans have a place to call a home.
    These are important responsibilities, and I'm confident I picked the 
right person for the job. He's a hard-working, dedicated professional. 
In fact, he was confirmed to his current post by the United States 
Senate without a single vote in opposition. Let's hope the streak 
continues. [Laughter]
    I want to thank Deputy Secretary Roy Bernardi. I appreciate very 
much your willingness to step forward to serve the country as well as to 
serve as Acting Secretary of HUD. And I thank you for keeping that 
position until Steve is confirmed.
    I also want to thank Steve's family: Molly, as well as Anna, 
Madeleine, Gibson, Eleanor, and Steve, Jr. Thank you all for coming to 
the White House to witness this very important moment.
    I ask the Senate to quickly consider Steve Preston and to ratify him 
on a timely basis. Congratulations.

Note: The President spoke at 11:57 a.m. in the Roosevelt Room at the 
White House. The transcript released by the Office of the Press 
Secretary also included the remarks of Secretary-designate Preston.