The head of President Obama's Small Business Administration on Monday announced that she will not stay on for a second term.
"After four years as Administrator of the SBA, I have let President Obama know that I will not be staying for a second term. I will stay on until my successor is confirmed to ensure a smooth and seamless transition," said Karen Mills in a statement posted to the agency's website.
For those of you unfamiliar with the agency, the SBA arranges loans, loan guarantees and other assistance to small businesses. Most recently, the SBA stepped in to assist businesses hurt by Superstorm Sandy, approving more than $1.1 billion in disaster loans to residents and businesses in states affected by the storm.
In a statement Monday, Obama applauded Mills for "making it easier for small businesses to interact with the federal government":
I want to thank Administrator Mills for her outstanding work on behalf of America’s small business owners and entrepreneurs. I asked Karen to lead the Small Business Administration because I knew she had the skills and experience to help America’s small businesses recover from the worst economic crisis in generations -- and that’s exactly what she’s done.
Over the last four years, Karen has made it easier for small businesses to interact with the federal government by reducing paperwork and cutting through red tape. She has played a leading role in my Administration’s efforts to support start-ups and entrepreneurs.
And she was instrumental in the passage of the Small Business Jobs Act.
Because of Karen’s hard work and dedication, our small businesses are better positioned to create jobs and our entire economy is stronger. I want to thank Karen and am grateful for her service.
Mills is the latest executive branch official to leave at the beginning of the president's second term.
She joins Secretary of State Hillary Rodham Clinton, Labor Secretary Hilda L. Solis, EPA Administrator Lisa P. Jackson, Defense Secretary Leon Panetta, Treasury Secretary Timothy Geithner, Transportation Secretary Ray LaHood, and Energy Secretary Steve Chu in saying "no thanks" to a second term with President Barack Obama.
Mills has served as SBA administrator since 2009.
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The AP contributed to this report. Featured image Getty Images.