Obama Makes Four More Selections To Round Out Economic Team

December 20, 2008 6:40 a.m. EST

Washington, D.C. (AHN) - President-elect Barack Obama announced Friday his selection to head the Small Business Administration along with naming his transportation secretary, labor secretary and U.S. trade representative.

Obama announced the selections shortly after President Bush said the government would extend emergency loans to the auto industry through the use of TARP funds.

He agreed with the actions and believed they were necessary, however Obama did say that management of the automakers needed to seize the opportunity they have been given.

Obama also said he put together his economic team faster than what is typically normal due to the severe economic climate.

Rounding out the team is Karen Mills as head of the Small Business Administration, California Rep. Hilda Solis as labor secretary, Illinois Rep. Ray LaHood for transportation secretary and Dallas Mayor Ron Kirk as U.S. trade representative and venture capitalist.

The appointments must still be confirmed by the Senate.

Hilda Solis, 51, is a four-term member of Congress and known for a strong backing from labor unions.

Ray LaHood, 63, has served seven terms in Congress and know Obama for more than a decade.

'We need to remake our transportation system for the 21st century," Obama said, according to Bloomberg. "Few understand our transportation system better" than LaHood, he said.

Kirk, 54, an attorney with Vinson & Elkins, was Dallas' first black major and an early supporter of the Obama campaign.

Karen Mills is a venture capitalist and founding partner of the equity firm Solera Capital.

Obama is also expected to name Harvard University Professor John P. Holdren as his top science advisor, according to recent reports.