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Lawmakers press SBA on plan to take over student‑loan portfolio as members question fit with agency mission
Summary
Committee members asked Administrator Kelly Loeffler how the SBA—already proposing major staff cuts and reorganization—will assume administration of the federal student‑loan portfolio; the administrator said the White House is developing plans and the SBA will coordinate but did not present a detailed implementation schedule at the hearing.
Members of the House Small Business Committee asked the administrator to explain how the SBA, which the administration is simultaneously resizing, will administer the federal student‑loan portfolio after a White House announcement transferring the portfolio to SBA. Ranking Member Velasquez directly asked, “where are student loans mentioned in the agency’s mission? What does this have to do with assisting small firms?” and…
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