1. Short title This Act may be cited as the Small Business 7(a) Lending Oversight Reform Act of 2018 . 2. Definitions In this Act, the terms Administration and Administrator mean the Small Business Administration and the Administrator thereof, respectively. 3. Codification of the Office of Credit Risk Management and the Lender Oversight Committee (a) In general The Small Business Act ( 15 U.S.C. 631 et seq.) is amended— (1) by redesignating section 47 as section 49; and (2) by inserting after section 46 the following: 47. Office of Credit Risk Management (a) Establishment There is established within the Administration the Office of Credit Risk Management (in this section referred to as the Office ). (b) Duties The Office shall be responsible for supervising— (1) any lender making loans under section 7(a) (in this section referred to as a 7(a) lender ); (2) any participant in a lending program of the Office of Capital Access of the Administration; and (3) any small business lending company or a non-Federally regulated lender without regard to the requirements of section 23. (c) Director The Office is headed by the Director of the Office of Credit Risk Management (in this section referred to as the Director ), who shall— (1) be a career appointee in a Senior Executive Service position (as defined in section 3132 of title 5, United States Code); and (2) be responsible for oversight of the lenders and participants described in subsection (b), including by conducting periodic reviews of the compliance and performance of those lenders and participants. (d) Supervision duties for 7(a) lenders (1) Reviews With respect to 7(a) lenders, an employee of the Office shall— (A) be present for and supervise any review of a 7(a) lender that is conducted by a contractor of the Office on the premises of the 7(a) lender