This article has been updated.
Barack Obama will announce on Monday that Gov. Bill Richardson will be his commerce secretary, two cable news organizations are reporting.
The news was first reported by NBC News’ Chuck Todd and Andrea Mitchell, who say Obama is set to “roll out his economic team on Monday — and will personally announce the team and answer questions — part of an effort to reassure markets.” An instrumental part of that team, according to the report, will be Richardson. FOX News is also reporting that Richardson will be commerce secretary. Both cable news organizations are reporting that New York Fed President Tim Geithner will be Obama’s nominee for treasury secretary.
The governor’s office refused to comment on the reports.
Assuming the reports are accurate, Lt. Gov. Diane Denish will assume the governorship and get to appoint someone — with confirmation from the state Senate — to become lieutenant governor. Stay tuned. More to come later today.
Update, 2:25 p.m.
In case you’re wondering, the U.S. Department of Commerce, according to Wikipedia, is the cabinet department charged with promoting economic growth. Its mission is to “promote job creation and improved living standards for all Americans by creating an infrastructure that promotes economic growth, technological competitiveness, and sustainable development.”
Trade is a big part of the department’s business, and the job often comes with significant travel. Initiating trade between the state of New Mexico and foreign nations has been a priority during Richardson’s tenure as governor.
Update, 2:35 p.m.
Stocks, which were headed for a third consecutive day of huge losses, surged after news of Obama’s economic team — with the focus on Geithner — was leaked to the media, according to CNN. The Dow Jones Industrials ended the day up almost 500 points.
Update, 3 p.m.
It should be noted that Richardson, should these reports prove true, may not have been Obama’s first choice for the job. On Thursday, reports surfaced that Chicago billionaire Penny Pritzker was being vetted for the job.
As reported by CBS News, “Sources close to the Hyatt hotel heiress said she was seriously interested, and Obama allies said the president-elect, who considers Pritzker a close friend and a stellar manager, was eager to make an offer.”
But, after her name began to circulate in the media, “sources close to the campaign said Pritzker came to realize that she could not extract herself from the vast and complex business obligations that make her one of the country’s wealthiest individuals.” So Pritzker took herself out of contention.
“Speculation has grown that I am a candidate for Secretary of Commerce. I am not,” Pritzker said in a statement released to the media. “I think I can best serve our nation in my current capacity: building businesses, creating jobs and working to strengthen our economy.”
Update, 3:10 p.m.
It should be noted that other media outlets aren’t reporting the possibility of Richardson being commerce secretary as a done deal. The Associated Press calls him “a likely pick.” CNN says he is “reportedly being considered.”