President-elect Barack Obama named former Democratic presidential opponent and New Mexico Gov. Bill Richardson, 61, as his nominee for commerce secretary Wednesday. He is the first Hispanic to be selected for Obama's Cabinet.

"With his breadth and depth of experience in public life, Governor Richardson is uniquely suited for his role as a leading economic diplomat for America," Mr. Obama said in his announcement. "He has seen from just about every angle what makes our economy work and what keeps it from working better. He will be an unyielding advocate for American business and American jobs, at home and around the world."

If confirmed, Richardson will take the helm of the Department of Commerce and will work with Mr. Obama's economic team to help restore American and international trade markets.
"We have everything we need to renew our economy, we have the ingenuity and technology, the skill and commitment -- we just need to put it to work," Mr. Obama said, expressing his faith in Richardson's experience amid the U.S. recession and ailing global economies.

Bruce Josten, chief lobbyist for the U.S. Chamber of Commerce, said "Richardson will be able to tap his extensive foreign-policy experience and his acquaintance with foreign leaders to help pry open new markets for struggling U.S. exports," the Wall Street Journal reported.

In his acceptance of the nomination, Richardson was optimistic about the opportunity to improve international trade and expedite economic recovery.

He also vowed -- in both English and Spanish -- to work to renew the economy.
Richardson was rumored to be a possible pick for secretary of state before Mr. Obama selected another former Democratic presidential rival Sen. Hillary Clinton for the position. As part of his long political resume, Richardson served as U.S. ambassador to the United Nations during President Bill Clinton's administration and was also secretary of energy.

Latino political groups had pushed for Richardson to be tapped for the more high-power state position. Despite his long ties to the Clintons, Richardson was an early supporter of Obama after he dropped out of the presidential race, and many Latino groups argued that Richardson helped boost a strong Hispanic voter turnout in Nevada, Colorado and New Mexico to help Obama's election win.

During the Chicago news conference with Richardson, Mr. Obama denied that the commerce post was a "consolation prize."

"Commerce secretary is a pretty good job," the president-elect said in response to a Hispanic reporter's question about the appointment. He said Richardson's "diplomatic experience, hands-on experience as governor, experience in the cabinet, experience in Congress, means that he is going to be a key strategist on all the issues that we work on."

Richardson was born in Pasadena, Calif., to an American father and Mexican mother and spent much of his childhood in Mexico City. He moved to Massachusetts during his teen years to attend boarding school before attending Tufts University outside of Boston. In 1978, Richardson moved to New Mexico and ran for a Democratic congressional seat in 1980, a position he held for 14 years.

He became the state's governor in 2002, and was re-elected with 69 percent of the vote in 2006.

-- Compiled from wire reports and other media sources