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Dec. 3 (Bloomberg) — President-elect Barack Obama said Bill Richardson will be an “economic diplomat” for the U.S. as commerce secretary and a key member of a team that lays the groundwork for renewed growth.
Warning that a recovery from the recession that began last year “won’t happen overnight,” Obama said Richardson has a unique combination of national and international experience to be an “unyielding advocate” for American companies and workers at home and abroad.
“Bill has seen from just about every angle what makes our economy work and what keeps it from working better,” Obama said at a news conference today in Chicago at which he formally announced the New Mexico governor as his choice to lead the Commerce Department.
Richardson, 61, is one of the highest-profile Latinos to hold elective office in the U.S. Before winning his race for governor of New Mexico in 2002 and gaining a second term in 2006, he served in two Cabinet positions in President Bill Clinton’s administration and eight terms in the U.S. House.
He ended his own bid for the Democratic presidential nomination in January and later endorsed Obama, calling him a “once-in-a-lifetime leader” who can unite the country. That move was a rebuke to Hillary Clinton, who Obama has picked for secretary of state, and her husband publicly lashed out at Richardson at the time.
Richardson downplayed any suggestions that hard feelings lingered from the campaign.
“There are some who speak of a team of rivals,” he said. “But I’ve never seen it that way. Past competitors, yes.”
Richardson said that he would use his position to promote trade. “Boosting commerce between states and nations is not just a path to solvency and growth; it’s the only path,” he said.
He vowed to make the Commerce Department an integral part of Obama’s financial recovery plan. The “catchphrases of your economic plan” Richardson told Obama, are “investment, public/private partnerships, green jobs, technology, broadband, climate change and research.”
“That is the Department of Commerce,” he said.
Richardson would head a Cabinet agency with responsibilities that include compiling economic data, monitoring the weather and adjudicating trade complaints.
Companies such as General Electric Co., the world’s biggest maker of power-generation equipment, said they will be looking to Richardson for help reducing hurdles and tariffs to selling their goods overseas.
Richardson is “very smart on things like free-trade agreements,” said Peter O’Toole, a GE spokesman and former speechwriter for Richardson. “Hopefully we can work with Governor and future Secretary Richardson on making sure that free and fair trade is a two-way street.” …
CHICAGO – Bill Richardson is beardless and back in the cabinet. The governor of New Mexico and former presidential candidate appeared beside President-elect Barack Obama on Wednesday to accept his third cabinet-level post, this time as secretary of commerce.
Mr. Richardson, the first Hispanic chosen for Mr. Obama’s cabinet, made remarks in both English and Spanish as he took the assignment, signaling the importance of his selection for the new administration. Mr. Obama said he picked Mr. Richardson because of his deep experience and skills, not his ethnic heritage, but promised to produce a diverse senior team.
“When people look back and see the entire slate, what they will say is – not only in terms of my cabinet but in terms of my White House staff – I think people are going to say this is one of the most diverse cabinets and White House staffs of all time,” said Mr. Obama, who will be the first African American president. “But more importantly, they’re going to say these are all people of outstanding qualifications and excellence.”
Hispanic groups have lobbied strongly on behalf of Mr. Richardson, arguing that Hispanic voters in last month’s election helped deliver at least four states for Mr. Obama that voted for President Bush four years ago: Nevada, Colorado, Florida and Mr. Richardson’s New Mexico. Mr. Obama is also eyeing Rep. Xavier Becerra of California, a member of the Congressional Hispanic Caucus, to become the United States trade representative, a position that has had cabinet status in the past.
Mr. Richardson has served in the cabinet twice before, first as President Bill Clinton’s ambassador to the United Nations and then as his secretary of energy. Mr. Richardson had his eye on secretary of state this time around but lost out to Senator Hillary Rodham Clinton. Although the commerce slot is generally seen as a second-tier position, Mr. Obama said it would play a pivotal role in setting and executing his economic recovery agenda.
“Well, commerce secretary is a pretty good job, you know,” Mr. Obama said to suggestions that it was a consolation prize for Mr. Richardson. “It’s a member of my key economic team that is going to be dealing with the most significant issue that America faces right now and that is how do we put people back to work and rejuvenate the economy?”
As for the beard that Mr. Richardson grew after dropping his own bid for the presidency earlier this year, it was gone by Wednesday morning’s news conference. Mr. Obama, tongue in cheek, declared that a mistake. “I thought that whole western rugged look was really working for him,” the president-elect said.
Obama’s transition team said the president-elect addressed the Bi-Partisan Governors Global Climate Summit in Los Angeles on Tuesday morning to “discuss his commitment to marking a new chapter in America’s leadership on climate change that will strengthen our security and create millions of new jobs in the process.”
Obama said that there are few challenges facing the world that “are more urgent,” adding that the scientific evidence of climate change is “beyond dispute.”
The president-elect pledged to implement a federal cap-and-trade system with “strong annual targets” that would reduce emissions to 1990 levels by 2020 and an additional 80 percent by 2050.
He said the U.S. will invest $15 billion a year in safe nuclear energy, clean-coal technologies, solar power, wind and biofuels.
- “This investment will not only help us reduce our dependence on foreign oil, making the United States more secure. And it will not only help us bring about a clean energy future, saving our planet. It will also help us transform our industries and steer our country out of this economic crisis by generating five million new green jobs that pay well and can’t be outsourced,” Obama said.
Governors present included Florida Gov. Charlie Crist (R), Kansas Gov. Kathleen Sebelius (D), Illinois Gov. Rod Blagoevich (D), Wisconsin Gov. Jim Doyle (D) and California Gov. Arnold Schwarzenegger (R).
The transition team said that there were also representatives from 22 other states and officials from Australia, Brazil, Canada, Chile, China, India, Indonesia, Mexico, Poland and the U.K.
- “Now is the time to confront this challenge once and for all,” Obama said. “Delay is no longer an option. Denial is no longer an acceptable response. The stakes are too high. The consequences, too serious. Stopping climate change won’t be easy. It won’t happen overnight. But I promise you this: When I am president, any governor who’s willing to promote clean energy will have a partner in the White House. Any company that’s willing to invest in clean energy will have an ally in Washington. And any nation that’s willing to join the cause of combating climate change will have an ally in the United States of America.”
Source: The Hill
President-elect Barack Obama is hearing from private sector economists, and some members of his economic advisory team that Congress should consider — and he should sign into law in January — a far broader stimulus package than anyone has publicly discussed to date.
Instead of $300 billion dollars, which has been the upper limit, they are now talking about $500 billion, which is 3 to 4 percent of GDP.
These advisers are looking at analysis that says next year unemployment could top eight percent, private sector spending could drop six percent of GDP, and the Federal Reserve is basically out of room to do anything more with monetary policy.
So they argue the nation’s economy will need that injection of capital.
How? They’re talking about implementing it through infrastructure — roads and bridges. Tax cuts. Investments in so-called green-jobs and alternative energy development. Unemployment extensions. And other aid to state and local governments.
But the big question is: how do you get the stimulus without making it permanent spending that increases the deficit over the long term?
President-elect Barack Obama has made no final decisions on a stimulus package, but this is what they’re contemplating right now.
Source: ABC News