Small Business Administration Chief Mills to Step Down

Karen Mills, head of the Small Business Administration, said Monday that she will leave her post, opening another Cabinet slot for President Obama to fill.

President Obama elevated the SBA, which guarantees loans to small businesses, to Cabinet-level status, something President Clinton also had done.

Mills said she will stay on until a successor takes over. Before taking the SBA post in 2009, Mills headed a venture capital fund.

In addition to the SBA, Obama has yet to announce new Cabinet appointees for the Transportation, Labor, and Energy departments or name a new Environmental Protection Agency administrator.