Obama Names Richardson Commerce Secretary; Says Gov. Brings "International Stature" To Global Economy

December 3, 2008 2:13 p.m. EST

Chicago, IL (AHN) - President-elect Barack Obama bolstered an economic team already filled with gravitas on Wednesday by naming New Mexico Gov. Bill Richardson as Commerce secretary.

In a the latest in a series of press conferences at the Hilton Chicago, the president-elect cited Richardson's work in New Mexico, which "saw the lowest unemployment rate in decades."

"As a former Secretary of Energy, Bill understands the steps we must take to build a new, clean-energy industry and create the green jobs of the twenty-first century. Jobs that pay well and won't be shipped overseas - jobs that will help us end our dependence on foreign oil. And as a former Ambassador to the United Nations, Bill brings both international stature and a deep understanding of today's global economy," Obama added.

Last week, the president-elect named New York Federal Reserve Bank President Timothy Geithner as Treasury secretary, and former Treasury Sec. Lawrence Summers as director of the National Economic Council. He chose Congressional Budget Office director Peter Orszag as head of the Office of Management and Budget. He also appointed University of California-Berkeley economist Christina Romer chair the Council of Economic Advisers and Melody Barnes director of the Domestic Policy Council.

Richardson was reportedly a contender for secretary of State, a post to which Sen. Hillary Clinton (D-NY) was officially nominated to on Monday. He bowed out of the Democratic presidential race on January 10 after finishing fourth place in both New Hampshire and Iowa. He endured a firestorm of criticisms from Clinton supporters, particularly James Carville, for endorsing Obama in March.

Obama presented his choice for Commerce secretary two days after the National Bureau of Economic Research officially announced that the U.S. economy has been in recession since December 2007. He met with the nation's governors on Tuesday to assure them that they would help design an economic recovery package.

In his Wednesday press conference, the president-elect said, "After nearly two years traveling across this country, meeting with workers, visiting businesses large and small, I am more confident than ever before that we have everything we need to renew our economy - we have the ingenuity and technology, the skill and commitment - we just need to put it to work."

Obama is working with Democratic leaders for a second economic stimulus package that reportedly could cost as much as the $700 billion financial bailout Congress approved in October.

Congress passed a $168 billion stimulus package in February that allowed the government to give tax breaks to companies and send rebate checks worth $300 to individuals and $1,200 to every family. Democrats heightened their calls for a $50 billion second economic stimulus package in September as financial crisis deepened. They were able to pass a $61 million stimulus package in the House but were blocked in the Senate.

Republicans have expressed opposition to a Democratic stimulus plan, saying it would be an excuse for Democrats to spend "irresponsibly" on infrastructure. They have pushed for an alternative provides tax relief to the middle-class by raising the child tax credit given to families from $1,000 to $2,000 per child.