April 18, 2008 Bush taps SBA administrator to head HUD Play video

(NECN: Washington) President Bush has nominated Steve Preston to become the new Secretary of Housing and Urban Development. If confirmed by the senate, he will replace Alphonso Jackson, who is facing a criminal investigation on charges of political favoritism.

The president praised both men, and said he will soon follow Jackson back to Texas -- at the end of his term. Mr. Bush said Steve Preston is the right man for the job, because of his impressive background in finance.

Preston is head of the Small Business Administration.