In transition news, President-elect Barack Obama has announced New Mexico Governor Bill Richardson as his nominee to head the Department of Commerce. Obama and Richardson appeared together Wednesday at a news conference in Chicago.

President-elect Obama: “Bill Richardson has been selected because he is the best person for that job and is going to be outstanding in helping me strategize on how do we rebuild America, how do we get businesses moving, how do we export effectively, how do we open up new markets for American products and services. His mixture of diplomatic experience, hands-on experience as a 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 served as UN ambassador and Energy Secretary under President Bill Clinton before being elected to two terms as governor of New Mexico. He said he’s poised to help revitalize the economy.

New Mexico Gov. Bill Richardson: “With your leadership, Mr. President-elect, America will once again be a forefront of innovation, especially in the new frontier of energy independence and clean energy jobs. We will create technologies the world is seeking, while creating millions of new jobs that can never be outsourced. We will revitalize our nation’s historic strength in manufacturing, while restoring our position of respect in the world.”

Richardson is the first Latino selected to join Obama’s cabinet. He’s also its third member to have run against Obama in the Democratic primaries, after Vice President Joe Biden and incoming Secretary of State Hillary Clinton.