Venture Expert Nominated as US Commerce Secretary... Rhode Island Female Governor Appointed

Commerce Department Mission Shifts Support from China Attack to 'Buy America'
Labor Secretary Picked as Union-Origin Walsh, Boston Mayor

[Image source=AP Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] U.S. President-elect Joe Biden has nominated Rhode Island Governor Gina Raimondo (photo) as the next Secretary of Commerce, U.S. media reported on the 7th (local time).

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

Following Janet Yellen, former Federal Reserve (Fed) Chair nominated as Treasury Secretary, Biden has again chosen a woman for a key economic position. Both are expected to lead the rebuilding of the U.S. economy by handling monetary and trade policies. Governor Raimondo has drawn attention within the Democratic Party since taking office in 2015 by introducing education programs and supporting economic activities through tax cuts and deregulation. Despite conflicts with labor unions, she also succeeded in reforming the state pension system.

Governor Raimondo is not an administrative expert. She comes from Bain Capital, a major private equity firm. She worked at venture investment firm Village Ventures before founding and managing her own investment company, Point Judith Capital.

The Washington Post viewed Raimondo’s appointment as an attempt to transform the Commerce Department, which focused on countering China during the Donald Trump administration. It is analyzed as a decision emphasizing support for the ‘Buy America’ policy promoted by Biden and economic revitalization through startup support.

Under the Trump administration, the Commerce Department placed Chinese companies such as Huawei, ZTE, and SMIC on the blacklist and led the suspension of transactions with U.S. companies.

Meanwhile, The Washington Post reported that Biden is likely to nominate Marty Walsh, Boston Mayor, as Secretary of Labor. Walsh is known to have been recommended by the AFL-CIO, the largest labor union organization in the U.S. Mayor Walsh previously led the electrical and steel unions in Boston. Progressive Senator Bernie Sanders was also considered for the Labor Secretary position.

This content was produced with the assistance of AI translation services.