Biden Nominates Female Governor with Venture Capital Background as Commerce Secretary

Raymond Selected as Governor of Rhode Island
Expected to Lead Economic and Industrial Development with Treasury Secretary Nominee Yellen
Boston Mayor Considered for Secretary of Labor

Raymond, Governor of Rhode Island
Photo by AP Yonhap News

[Asia Economy New York=Correspondent Baek Jong-min] U.S. President-elect Joe Biden has nominated Rhode Island Governor Gina Raimondo, a former venture capital list member, as the next Secretary of Commerce, U.S. media reported on the 7th (local time). Following Janet Yellen, former Federal Reserve (Fed) Chair nominated as Secretary of the Treasury, Biden has once again chosen a woman for a key economic position.

According to The New York Times, Biden considered appointing a Republican to the Commerce Department but ultimately decided on Raimondo, a female financial expert with experience in fostering venture businesses.

Governor Raimondo has served as the Governor of Rhode Island since 2015, gaining recognition for her leadership through the introduction of educational programs and support for economic activities via tax cuts and deregulation. Despite conflicts with labor unions, she also succeeded in reforming the state pension system.

Raimondo previously worked at Village Ventures and founded and operated her own investment firm, Point Judith Capital.

The NYT described Governor Raimondo as taking charge of the Commerce Department, which was at the forefront of economic confrontation with China during the Trump administration. The Washington Post also predicted that the Commerce Department, which focused on countering China under the Trump administration, will lead the "Buy America" policy under Raimondo's leadership.

Meanwhile, The Washington Post reported that Marty Walsh, Mayor of Boston, is likely to be nominated as Secretary of Labor by President-elect Biden.

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