Steve Preston

Infobox US Cabinet official
name=Steve Preston


title=United States Secretary of Housing and Urban Development
order=14th
term_start=June 5, 2008
term_end=
president=George W. Bush
predecessor=Alphonso Jackson
birth_date=
birth_place=
death_date=
death_place=
party=Republican
profession=

Steven C. Preston (born August 4. 1960) is the 14th Secretary of the United States Department of Housing and Urban Development (HUD). He was nominated by President George W. Bush on April 18, 2008 [http://www.whitehouse.gov/news/releases/2008/04/20080418-7.html President Bush Announces Nomination of Steve Preston as Secretary of Housing and Urban Development] , White House, Office of the Press Secretary.] and unanimously confirmed by the Senate on June 4, 2008. [Holzer, Jessica, [http://thehill.com/the-executive/bush-praises-new-hud-secretary-2008-06-05.html "Bush praises new HUD secretary"] , "The Hill", June 5, 2008. Accessed June 5, 2008.]

He was formerly the 22nd Administrator of the U.S. Small Business Administration. Prior to leading the SBA, he was Executive Vice President of Strategic Services at ServiceMaster, Inc, a Fortune 500 company in Illinois.

Early life and business career

Steven Preston grew up in Janesville, Wisconsin, about 15 miles north of the Illinois border. He attended Parker High School, where he was class valedictorian and president of the student congress. He earned a B.A. with the Highest Distinction (summa cum laude) in political science at Northwestern University in 1982 and a master's degree from the University of Chicago Graduate School of Business in 1985.

Preston has more than a quarter century of experience working in government, the financial industry and capital markets. He has developed a track record as a successful and passionate reformer at all levels of business and government.

Preston began his financial services career at First National Bank of Chicago in 1982. He was recruited to be an investment banker at Lehman Brothers, where he eventually became Senior Vice President. At Lehman, he advised multinational companies on complex business and financial issues. From 1993 to 1997, he worked as Senior Vice President and Treasurer of First Data Corporation where he significantly reduced financial risk in the company, expanded the company’s capital markets presence, and strengthened relations with the financial industry. In 1997 he was recruited by The ServiceMaster Company as Chief Financial Officer and was later promoted to Executive Vice President to lead the strategic planning, mergers and acquisitions, busines reengineering, and information technology functions for the Fortune 500 company.

He has lived in New York City and Hong Kong as well as in Western Europe, including Italy, while on international business assignments.

Government career

President George W. Bush nominated Steve Preston to be Administrator of the Small Business Administration (SBA) on April 25, 2006. [ [http://www.whitehouse.gov/news/nominations/1299.html Steven Clyde Preston Presidential Nomination] , White House, Nominations by Name] He was confirmed by the U.S. Senate by unanimous consent on June 29, and was sworn in on July 10. [cite news
first = Anne Marie
last = Frawley
url = http://www.sba.gov/news/06-46.pdf
title = Steven C. Preston Sworn In As Administrator of SBA
work = SBA News Release
publisher = U.S. Small Business Administration
date = 2006-07-11
accessdate = 2006-10-23]

As Administrator, Preston spearheaded a reform agenda and developed 21st century business models to make the agency more responsive, accountable, and effective. When Preston arrived, more than 100,000 Gulf Coast families were still waiting for assistance almost a year after Hurricane Katrina to rebuild their homes, businesses and lives. Within months, Preston re-engineered every facet of the loan process and reduced the loan backlog and improved response times by 90 percent. [White House Press Office, " [http://www.reuters.com/article/pressRelease/idUS179210+18-Apr-2008+BW20080418 Fact Sheet: Steve Preston: A Qualified Leader to Help American Families] ." Reuters Business Wire, April 18, 2008. ]

Today, SBA is better aligned to respond quickly to future disasters. Disaster victims receive better customer service and more timely assistance. Lenders and borrowers find the loan process simpler and quicker due to streamlined processes and improved support. Preston also advanced programs to increase small business ownership in the inner city, expanded assistance to veterans, and improved export oppoortunities for small business.

Nomination for Secretary of Housing and Urban Development

President Bush nominated Preston as HUD Secretary on April 18, 2008 and unanimously confirmed on June 4, 2008. During his confirmation hearing, on May 22, Senators asked him about HUD's transparency problems and about the Housing crisis. [http://www.cqpolitics.com/wmspage.cfm?docID=cqmidday-000002882312 HUD Nominee Seems Headed for Confirmation] . CQ Politics, 2008-05-22. Accessed 2008-06-05. "Steven C. Preston, nominated to be HUD secretary, received bipartisan compliments Thursday from members of the Banking, Housing and Urban Affairs Committee for his work as administrator of the Small Business Administration. The panel's questions for Preston ranged from the housing crisis to the lack of transparency in HUD."] They were also impressed with his tenure as SBA Administrator. Preston was praised by Republicans and Democrats for his ability to reform government and work in a bipartisan manner. Democratic Senator John Kerry said: "Mr. Preston inherited an agency (SBA) in disarray, and he's worked hard to right its course and to improve relations with Congress.” [Hunt, Terence. " [http://www.usatoday.com/news/topstories/2008-04-18-3703480648_x.htm Bush chooses SBA chief Steve Preston to take over HUD] ." "Associated Press," April 18, 2008. ] Senator Dick Durbin – another Democrat – said: “I hope that he brings the same open mind to the challenges in housing as he did to the challenges at the SBA.” [ " [http://durbin.senate.gov/showRelease.cfm?releaseId=297051 Durbin Meets with HUD Secretary Nominee, Steven Preston of Downers Grove] ," Office of U.S. Senator Dick Durbin, April 30, 2008. ]

Preston quickly won plaudits from HUD employees for sprinting to the finish to help homeowners and restore morale at the Department. [ Pound, Edward T. " [http://www.govexec.com/story_page.cfm?articleid=40456&dcn=agencynews_SBA New HUD secretary rallies employees] ." "National Journal," July 14, 2008. ] Faced with the largest mortgage crisis in decades, Preston is leading the Administration’s effort to help families keep their homes and bring stability to the housing market. Preston told Federal Times “he wants to move past the political controversy and focus on two main areas: management reforms to help the department run better; and expansion of key programs.” [Carlstrom, Gregg. " [http://www.federaltimes.com/index.php?S=3636242 New HUD chief mobilizes to address housing crisis] ." "Federal Times," July 21, 2008. ]

Preston is also reforming an agency that has been mired in controversy and bureaucratic red tape. He has established “iMPACT 200,” an energetic, results-focused agenda to support HUD’s customers, improve human capital management and provide transparency for major initiatives during his 200 days leading the Department. iMPACT 200 is built on the idea that HUD must better engage its customers and empower employees by establishing reasonable timetables and relying on the outstanding service, personal sacrifice, and total commitment of the HUD team. Preston’s goals are to promote responsible, sustainable homeownership for all Americans’ maximize options for safe and affordable housing so all Americans can embark on a path to self-sufficiency; and deliver effective, timely service to our customers, employees and partners. [Preston, Steven. " [http://www.hud.gov/news/speeches/2008-07-22.cfm Prepared Remarks for Steve Preston Secretary of Housing and Urban Development at the CPD National Managers Conference] ." U.S. Department of Housing and Urban Development Web Site, July 22, 2008. ]

He currently serves as Chairman of the Board of Visitors for the Weinberg College of Arts and Sciences at Northwestern University, and has served on numerous boards of philanthropic and other organizations. Preston and his wife, Molly, have five children and currently reside in Virginia.

References

External links

* [http://www.hud.gov/about/secretary/prestonbio.cfm Secretary Preston's Biography Page] , U.S. Department of Housing and Urban Development
* [http://www.corporate-ir.net/ireye/ir_site.zhtml?ticker=SVM&script=410&layout=-6&item_id=847492 ServiceMaster press release]
* [http://www.sba.gov/admin/bio_preston.pdf SBA bio] (PDF)

###@@@KEY@@@###Succession box
years = 2006 – 2008
title = Administrator of the United States Small Business Administration
before = Hector Barreto
after = TBDU.S. Secretary box
before= Alphonso Jackson
after= Incumbent
start= 2008
president= George W. Bush
department= Secretary of Housing and Urban Developmentsuccession box| title=United States Presidential Line of Succession | before=Michael Leavitt | after=Mary Peters | years=11th in line