Steve Preston

Steven C. Preston is an American business executive and former government official who served as the 14th United States Secretary of Housing and Urban Development from 2008 to 2009 and as the 22nd Administrator of the Small Business Administration from 2006 until his appointment to HUD. Born on August 4, 1960, Preston has spent nearly a quarter‑century in leadership roles across both the private sector and federal agencies, later becoming president and chief executive officer of Goodwill Industries International.

Early life and career

Preston was raised in Janesville, Wisconsin, where he attended Parker High School. His family background reflects a blend of cultural experiences: his mother grew up in Germany during and after World War II, while his father originated from an Appalachian coal‑mining camp. He has four siblings.

He pursued higher education at Northwestern University, earning a Bachelor of Arts with Highest Distinction in political science in 1982. He continued his studies at the University of Chicago Graduate School of Business, completing a Master of Business Administration in 1985.

Preston’s early professional life was rooted in finance and corporate management. After graduating from Chicago, he joined Lehman Brothers in 1985, eventually attaining the position of Senior Vice President within the Investment Banking Department. In 1993 he transitioned to First Data Corporation as Senior Vice President and Treasurer, where he oversaw capital structure strategies, financial risk management, and investor relations during a period of rapid company growth.

In 1997 Preston moved to ServiceMaster Company, serving first as Executive Vice President and Chief Financial Officer for seven years. He later led the company's Strategic Services effort. His performance in these roles earned recognition from CFO magazine, which named him one of the "Next Wave" of financial executives poised to make a significant impact in the coming decade.

Cabinet tenure

#### Administrator of the Small Business Administration (2006–2008)

President George W. Bush nominated Preston as the 22nd administrator of the Small Business Administration on April 25, 2006. The nomination attracted scrutiny from small‑business advocates because Preston had not previously started or worked for a small business; however, he emphasized that SBA’s mission required sophisticated financial management and operational responsiveness. His Senate confirmation hearing underscored his belief that SBA leadership must combine an understanding of large‑scale operations with a commitment to supporting small enterprises.

The Senate confirmed Preston unanimously on June 29, 2006. He assumed office at a time when the agency faced criticism for its handling of disaster loan programs following Hurricanes Katrina, Rita, and Wilma. During his tenure, SBA distributed approximately $6 billion in loans to affected residents and restructured disaster operations, reducing processing times by up to 90 percent.

Preston also addressed issues related to federal contracting with small businesses. He tightened the definition of small‑business contracts, closed loopholes that had allowed large firms to secure contracts, and introduced a new scorecard for federal agencies to monitor compliance. These measures required agencies to eliminate inaccuracies in the federal small‑business contracting database and to recertify size status regularly.

The agency’s workplace culture improved markedly under Preston’s leadership. In the 2006 Partnership for Public Service Best Places to Work Survey, SBA ranked last among federal agencies; by 2009 it had risen 30 percent, achieving the most significant improvement among large agencies. Leadership scores increased by 36 percent during this period.

#### Secretary of Housing and Urban Development (2008–2009)

With less than a year remaining in the Bush administration, President Bush nominated Preston to serve as Secretary of Housing and Urban Development on April 18, 2008. The nomination came amid a housing crisis and following the departure of his predecessor under scandalous circumstances. Critics questioned Preston’s lack of direct housing policy experience; nevertheless, he was praised for his extensive background in finance and his reputation as a reformer.

The Senate confirmed him by unanimous consent on June 5, 2008, and he was sworn into office that same day. During his tenure, the federal government enacted sweeping changes to housing and financial policy, including the Housing and Economic Recovery Act of 2008, the Economic Stabilization Act of 2008, and initiatives related to the Troubled Asset Relief Program. The administration also took control of Fannie Mae and Freddie Mac and expanded Federal Housing Administration refinancing options.

Preston emphasized that government intervention had kept mortgage markets functional during the crisis, while noting that a private‑sector recovery was essential for long‑term stability. His leadership focused on restoring confidence in the housing market and ensuring that Americans could obtain affordable mortgages and retain their homes.

Legacy

Steven C. Preston’s public service career is marked by a focus on operational efficiency, financial stewardship, and reform of large federal agencies. As SBA administrator, he modernized disaster loan processing, strengthened small‑business contracting oversight, and improved workplace culture, leading to measurable gains in agency performance and employee satisfaction.

His brief tenure as HUD secretary coincided with one of the most significant housing crises in recent U.S. history. In that role, he oversaw major legislative actions aimed at stabilizing mortgage markets and supporting homeownership during a period of economic uncertainty. While his time in office was short, his contributions to policy implementation and agency restructuring remain part of the broader narrative of federal responses to the 2008 financial crisis.

After leaving government service, Preston continued his career in the nonprofit sector as president and chief executive officer of Goodwill Industries International, applying his experience in finance and operations to advance the organization’s mission of helping individuals gain employment and improve their quality of life. His trajectory from private‑sector executive to federal administrator and nonprofit leader illustrates a consistent emphasis on organizational effectiveness and public service.