Trump chooses ex-WWE exec McMa­hon for small busi­ness

The Denver Post - - BUSINESS -

Pres­i­dent-elect Don­ald Trump is adding for­mer wrestling ex­ec­u­tive Linda McMa­hon to his Cabi­net as leader of the Small Busi­ness Ad­min­is­tra­tion.

McMa­hon, 68, and her hus­band, Vince, founded and built World Wrestling En­ter­tain­ment Inc., now a pub­licly traded sports en­ter­tain­ment com­pany.

She stepped down as the com­pany’s CEO in 2009 and ear­lier this year launched a joint ven­ture, Women’s Lead­er­ship LIVE, which pro­motes op­por­tu­ni­ties for women in busi­ness and pub­lic ser­vice.

She also poured $100 mil­lion of her for­tune into two un­suc­cess­ful bids for a U.S. Se­nate seat in Connecticut in 2010 and 2012 and has be­come an in­flu­en­tial Repub­li­can donor — in­clud­ing to the Trump cam­paign.

“Linda is go­ing to be a phe­nom­e­nal leader and cham­pion for small busi­nesses and un­leash Amer­ica’s en­tre­pre­neur­ial spirit all across the coun­try,” Trump said in a state­ment Wed­nes­day.

Trump said McMa­hon shares his vi­sion of de­creas­ing “bur­den­some reg­u­la­tions that are hurt­ing our mid­dle-class work­ers and small busi­nesses.”

The SBA, best known for the small busi­ness loans it makes and the dis­as­ter aid it pro­vides to com­pa­nies and en­trepreneurs, is also tasked with mon­i­tor­ing govern­ment of­fi­cials’ com­pli­ances with con­tract laws. Its bud­get is gen­er­ally un­der $1 bil­lion.

Some na­tional small busi­ness ad­vo­cates said they had lit­tle ex­pe­ri­ence with McMa­hon but hoped she would un­der­stand the needs of small com­pa­nies. Connecticut mem­bers of the Na­tional Fed­er­a­tion of In­de­pen­dent Busi­ness sup­ported McMa­hon when she ran for Se­nate, NFIB spokesman Jack Mo­zloom said.

“Her views with small busi­ness aligned very well with our views. If that in­di­cates what kind of SBA ad­min­is­tra­tor she’ll be, that’ll be good,” Mo­zloom said.

The Small Busi­ness Ma­jor­ity said it would have liked a nom­i­nee with more di­rect small busi­ness ex­pe­ri­ence, but was op­ti­mistic McMa­hon would sup­port com­pa­nies and their own­ers.

“We hope that she rec­og­nizes the unique role that the SBA plays in pro­vid­ing much-needed cap­i­tal and sup­port to Amer­ica’s small busi­nesses and that she is pre­pared to play a strong role ad­vo­cat­ing or small busi­ness needs through­out the govern­ment,” said John Arens­meyer, the group’s CEO.

The con­tract laws that the SBA mon­i­tors com­pli­ance with are aimed at en­sur­ing small busi­nesses get at least 23 per­cent of fed­eral con­tract­ing money that is con­sid­ered el­i­gi­ble for small busi­nesses. The SBA also spon­sors small busi­ness train­ing and as­sis­tance at hun­dreds of cen­ters across the coun­try. And its Of­fice of Ad­vo­cacy’s re­spon­si­bil­i­ties in­clude chal­leng­ing govern­ment reg­u­la­tions that pose a bur­den for small busi­nesses.

Bryan R. Smith, AFP/Getty Im­ages

Linda McMa­hon speaks to mem­bers of the me­dia out­side Trump Tower last month. Pres­i­dent-elect Don­ald Trump on Wed­nes­day said he will nom­i­nate her to serve as head of the Small Busi­ness Ad­min­is­tra­tion.

Newspapers in English

Newspapers from USA

© PressReader. All rights reserved.