Nov 24, 2008

At a news conference in Chicago this morning, President-elect Barack Obama confirmed his decision to name Timothy Geithner as the next Secretary of Treasury -- a leadership role that will be heavily scrutinized, to say the least, as the Obama administration works to jumpstart the economy.

Echoing his most recent weekly radio/video address, the President-elect explained that efforts to improve the economy won't be easy and won't happen overnight. But, he said, we can't underestimate our capacity to overcome these challenges.

He went on to name three other nominees for his economic team: former Treasury Secretary Lawrence Summers as director of the National Economic Council; UC Berkeley economics professor Christina Romer as chair of the Council of Economic Advisors; and Melody Barnes as director of the Domestic Policy Council.

Though President-elect Obama didn't discuss other Cabinet appointments during the news conference, the media has already reported that Sen. Hillary Clinton will be named as Secretary of State, former Senate Majority Leader Tom Daschle has been offered the job of Secretary of Health and Human Services, Arizona Governor Janet Napolitano is likely to become the head of Homeland Security; and New Mexico Gov. Bill Richardson is the pick for Commerce Secretary.

As I mentioned on Twitter last week, I did not anticipate Gov. Richardson's appointment as Commerce Secretary, and I've been curious to hear what members of the tech and business community think about that decision given Commerce's role in trade and tech policy matters.

BusinessWeek jumped on the news over the weekend with a profile of Gov. Richardson's record in New Mexico, saying that it "suggests that Commerce could push for a much bolder role in supporting such strategic industries as renewable energies, nanotech, and green vehicles by investing alongside corporations and universities."

BusinessWeek called him "one of the nation's most aggressive proponents of public-private economic partnership," citing examples of how he used state funds to provide venture capital to tech startups and offered subsidies to lure filmmakers to New Mexico (an approach that has drawn criticism). Of course, what happens in New Mexico may stay in New Mexico and doesn't necessarily indicate what he'll be like as Commerce Secretary.

Tags: Barack Obama, Bill Richardson, Commerce Department, economy, presidential transition, Timothy Geithner