CQ Today article

Sens. John Kerry , D-Mass., and Olympia J. Snowe , R-Maine, are calling for an investigation of lender oversight at the Small Business Administration after an inspector general’s report showed poor oversight led to a loss of $329 million.

The May 9 report blamed lax agency oversight of four lenders for a $329 million loss in its largest loan program by September 2007. The report said that despite the loss, the SBA continued to allow those lenders to make loans without prior SBA approval.

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