CNNMoney.com
Companies Economy International Corrections Pre-market trading After-hours trading Winners/losers/actives Bonds Currencies Commodities Money Magazine Retirement Mutual Funds Taxes Ask the Expert Money 101 Autos Loan Center Best Places to Live Calculators Mortgage Rates Personal tech Big Tech blog Techland blog Sectors and stocks Fortune 500 techs Tech Talk 100 best places to launch Ultimate resource guide Small biz makeovers FSB 100 Ask & Answer Fortune 500 Technology Investing Management Rankings Main Create portfolio Edit portfolio Create Alerts Edit Alerts
SBA head resigns
Hector Barreto steps down after being the target of constant complaints following Hurricane Katrina.

(CNN) - Hector Barreto announced Tuesday he was resigning as head of the Small Business Administration in order to lead a Hispanic organization. His agency and his leadership of the agency had come under fire from key members of Congress as well as business and political leaders in Louisiana and elsewhere on the Gulf Coast who said the SBA was slow to provide help to businesses devastated by Hurricane Katrina.

Last month, in an interview with CNN, Barreto defended his performance and said he had no plans to leave the agency. His office said Tuesday that he was not pressured by the White House to step down.

Some criticized Barreto for being slow to provide help to businesses devastated by Hurricane Katrina.
Some criticized Barreto for being slow to provide help to businesses devastated by Hurricane Katrina.

But senior administration officials said complaints about the SBA were constant, including direct appeals to President Bush during his visits to the Gulf Coast, and when CNN reported on the controversy in early March several senior officials said they expected a change at the agency soon.

The Senate unanimously confirmed Barreto to the job in July 2001.

His responsibilities included oversight of the delivery of financial and business development tools to entrepreneurs. His portfolio of direct and guaranteed business loans and disaster loans worth more than $45 billion made the SBA the largest backer of technical assistance and contracting opportunities for the nation's small businesses, according to the White House.

-----------------

For more news in small business, click hereTop of page

YOUR E-MAIL ALERTS
Follow the news that matters to you. Create your own alert to be notified on topics you're interested in.

Or, visit Popular Alerts for suggestions.
Manage alerts | What is this?
© 2008 Cable News Network. A Time Warner Company. All Rights Reserved. Terms under which this service is provided to you. Privacy Policy
Copyright © 2008 BigCharts.com Inc. All rights reserved. Please see our Terms of Use.
MarketWatch, the MarketWatch logo, and BigCharts are registered trademarks of MarketWatch, Inc.
Intraday data delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges. All Times are ET.
Intraday data provided by Interactive Data Real-Time Services and subject to the Terms of Use.
Historical, current end-of-day data, and splits data provided by Interactive Data Pricing and Reference Data.
Fundamental data provided by Hemscott.
SEC Filings data provided by Edgar Online Inc..
Earnings data provided by FactSet CallStreet, LLC.