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Bill Richardson Nominated for Commerce Secretary, Timothy Geithner to Head Treasury
Bill Richardson, the governor of New Mexico and former Democratic Party presidential candidate, will reportedly be nominated for Secretary of Commerce, according to reports Friday.
Prior to becoming a two-term Governor of New Mexico, Richardson served as Secretary of Energy and Ambassador to the United Nations under President Bill Clinton.
In a year that saw Barack Obama become the first African-American to be elected president, Richardson was the first Hispanic American presidential candidate for the Democratic Party.
Richardson joins Sen. Hillary Clinton on the list of former Democratic presidential candidates that President-elect Barack Obama has tapped since being elected President. Clinton reportedly accepted the offer of Secretary of State on Friday as well.
Timothy Geithner, the president of the Federal Reserve Bank of New York, will reportedly be nominated as Secretary of Treasury as well.
With the declining economy, the previous $700 billion Wall Street bailout and possible automotive bailout, the Secretary of Treasury has become an even more important position in the Cabinet.
The Cabinet for Obama is become complete this week. Earlier in the week, Obama nominated Arizona Gov. Janet Napolitano for Secretary of Homeland Security, former South Dakota Sen. Tom Daschle as Secretary of Health and Human Services, and Eric Holder to head the Justice Department as Attorney General. All three accepted their positions.
Many expect Dan Tarullo, a top Obama advisor, to be named the head of the National Economic Council.
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