Matteo Fontana, a general manager in the Office of Federal Student Aid in the Education Department held and sold shares worth at least $100,000 in Student Loan Xpress whose activities he was ostensibly overseeing. He was placed on paid leave. Fontana’s boss who oversees the student loan program Theresa Shaw resigned on May 8, 2007 a few days before Education Secretary Margaret Spellings was to testify before Congress. The official reason given for Shaw’s leaving was that she had "plans to take some time off." This is part of the larger scandal of sweetheart deals between universities and companies making loans to students to the detriment of students. On June 1, 2007, the Department of Education came out with new rules to regulate the $85 billion student lending business.