December 8, 2016
By Bob Coleman
Editor, Coleman Report
Coleman Report Special Edition — Reaction to Linda McMahon’s Nomination as SBA Administrator
President-elect Trump’s Statement
President-elect Donald J. Trump today announced his intent to nominate Linda McMahon to serve as the Administrator of the Small Business Administration, a cabinet-level position.
“My America First agenda is going to bring back our jobs and roll back the burdensome regulations that are hurting our middle class workers and small businesses. To help push our agenda forward, I am pleased to nominate Linda McMahon as the head of the Small Business Administration,” said President-elect Trump. “Linda has a tremendous background and is widely recognized as one of the country’s top female executives advising businesses around the globe. She helped grow WWE from a modest 13-person operation to a publicly traded global enterprise with more than 800 employees in offices worldwide. Linda is going to be a phenomenal leader and champion for small businesses and unleash America’s entrepreneurial spirit all across the country.”
“Our small businesses are the largest source of job creation in our country. I am honored to join the incredibly impressive economic team that President-elect Trump has assembled to ensure that we promote our country’s small businesses and help them grow and thrive.”
On Wednesday, Trump announced that he has selected former World Wrestling Entertainment CEO Linda McMahon to head his Small Business Administration. McMahon is the wife of billionaire WWE promoter, Vincent McMahon, whose net worth FORBES estimates at $1.16 billion.
The couple cofounded WWE, which now has a market capitalization of $1.5 billion, more than three decades ago. According to WWE’s most recent annual report, Linda McMahon personally owns $84 million in WWE stock. She served as CEO from 1997 until 2009, when she stepped down to pursue public office. Her unsuccessful U.S. Senate runs as a Republican in Connecticut in 2010 and 2012 cost the couple an estimated $100 million.
House Small Business Committee Chairman Steve Chabot (R-OH)
“Linda McMahon is an excellent choice by President-elect Trump to lead the SBA as administrator. I look forward to working with her and the new administration to roll back burdensome regulations and increase access to capital for America’s 28 million small businesses. Our Committee will work with the new administrator to advance meaningful reforms that will make the SBA more efficient and customer-friendly for small businesses. This work should begin by fixing the ongoing problems in SBA and SBA-administered programs that were exposed through our oversight hearings in the 114th Congress.”
Rep. Nydia M. Velázquez, the top Democrat on the House Small Business Committee
“This selection is proof that President-Elect Trump’s commitment to small businesses is about as ‘real’ as professional wrestling. The fact is, if she is confirmed, we will need to work with Ms. McMahon. However, I am concerned her appointment follows a pattern of choosing individuals for cabinet-level positions who do not have the policy knowledge for the job.
“30 million entrepreneurs across our nation have important needs and are counting on an effective SBA to assist them. The appointment to head this agency should be a leader with wisdom and knowledge, not a celebrity with a knack for entertainment. I hope Ms. McMahon is a quick study, as strengthening SBA and ensuring its efficient operation will be vital to our nation’s long-term prosperity.”
Ms. McMahon, a failed Senate candidate from Connecticut, was with her husband Vince one of Mr. Trump’s biggest campaign donors. She contributed $6 million to a “super PAC” supporting Mr. Trump in August and September, according to federal election filings.
And, of course, Mr. Trump has shown a great facility for professional wrestling, so the choice makes sense.