Obama picks Richardson for Commerce Secretary

President-elect Barack Obama announced on Wednesday that Governor Bill Richardson of New Mexico would be nominated as Secretary of Commerce.

Obama described the person who would fill that post as "a leading economic diplomat for America," a description that might help Richardson, a former U.N. Ambassador and cabinet secretary under President Clinton, to take on an international role after he had been passed over for Secretary of State.

Speaking at a press conference in Chicago, Obama said Richardson "shares my values"  and will be "an unyielding advocate for American business and American jobs, at home and around the world."

The president-elect said Richardson would help American businesses "grow and thrive at home, and expand our efforts to promote American enterprise around the world," which he said is "the core mission" of the Secretary of Commerce. "And with his breadth and depth of experience in public life, Governor Richardson is uniquely suited for this role as a leading economic diplomat for America."

While Richardson has been touted for his international experience, Obama on Wednesday also praised the New Mexico Governor for his economic leadership. The president-elect said Richardson had helped to create 80,000 new jobs in New Mexico and under his leadership, "New Mexico saw the lowest unemployment rate in decades," according to Obama.

Richardson had reportedly hoped to be picked as Secretary of State, according to news sources, but that position was given to Senator Hillary Clinton. With Richardson's appointment, Obama has now selected three of his former primary opponents -- Vice President-elect Joe Biden, Clinton and Richardson -- to work with him in what is being described by observers as a "team of rivals."