What Should Small Business Owners Know About Linda McMahon, Trump's Pick for SBA?
Donald Trump, billionaire, was a fan of professional wrestling. And Donald Trump, President-elect, remains a fan of one of professional wrestling's biggest magnates. Trump has tapped Linda McMahon, former President and CEO of World Wrestling Entertainment and wife of Trump's wrestling nemesis Vince McMahon, as the future head of the Small Business Administration.
Does this mean cage matches for everyone? Will you have to beat Stone Cold Steve Austin up a ladder to get your small business loan? And if you default, will The Miz come to your office to collect?
From the Top Rope
McMahon was involved since the WWE's inception, taking the fledgling wrestling enterprise, in Trump's words, "from a modest 13-person operation to a publicly traded global enterprise with more than 800 employees in offices worldwide." That trek wasn't without its own struggles. The McMahons allegedly filed for bankruptcy in 1976 (which would give them more in common with Trump), though details on the filing are murky.
McMahon has also had two failed runs for U.S. Senate, as an anti-regulatory, "tax-hating deficit hawk." When it came to oversight and investigations of WWE for steroid issues, McMahon told Business Insider, "I don't think regulation is necessary. You'd be crazy not to protect the men and women [in the wrestling business]." In a possible preview to her days as head of the SBA, McMahon emphasized, "We need people who understand how to create jobs, and understand the consequences of taxes and regulations when they are placed on businesses."
While McMahon certainly does have experience guiding one small business to worldwide success, and Trump has assured the business community she "is going to be a phenomenal leader and champion for small businesses and unleash America's entrepreneurial spirit all across the country," there may be a little bit more of a quid pro quo going on. USA Today reports that Federal Election Commission records show McMahon donated a total of $6 million to a pro-Trump super PAC. And she becomes the fifth billionaire to join the Trump administration thus far.
Most small business owners are far from billionaire -- or even millionaire -- status, but they'll now have one billionaire ostensibly watching out for their interests.
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