“[A]s a former Ambassador to the United Nations, Bill [Richardson] brings both international stature and a deep understanding of today’s global economy.  He understands that the success of today’s business in Detroit or Columbus often depends on whether it can sell products in places like Santiago or Shanghai.  And he knows that America’s reputation in the world is critical not just to our security, but to our prosperity – that when the citizens of the world respect America’s leadership, they are more likely to buy America’s products.”

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President-elect Barack Obama nominated Gov. Bill Richardson (D-NM) Wednesday as secretary of commerce. Richardson served under President Bill Clinton as U.S. ambassador to the United Nations, and as secretary of energy. The former 2008 Democratic presidential candidate is the most prominent Hispanic American appointment to Obama’s cabinet so far.

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U.S. markets led a global rally, surging for the second straight day yesterday as the Dow Jones Industrial Average gained roughly 5 percent (Chicago Tribune). The gains came following President-elect Barack Obama’s announcement of several important members of his economic advisory team, including New York Federal Reserve chief Timothy Geithner for Treasury Secretary, former Treasury Secretary Lawrence Summers as the head of Obama’s National Economic Council, and Berkeley economist Christina Romer to chair the Council of Economic Advisers. Obama also indicated he will seek to push through a large economic stimulus plan (WSJ) in an effort to boost long-term spending and economic recovery.

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“The reality is that the economic crisis we face is no longer just an American crisis, it is a global crisis – and we will need to reach out to countries around the world to craft a global response. [Tim Geithner's] extensive international experience makes him uniquely suited for this work.  Growing up partly in Africa and having lived and worked throughout Asia; having served as Under Secretary of the Treasury for International Affairs – one of many roles in the international arena; and having studied both Chinese and Japanese, Tim understands the language of today’s international markets in more ways than one.”

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President-elect Barack Obama said in his weekly address on Friday that his economic team is forging a two-year Economic Recovery Plan that will create 2.5 million new U.S. jobs. Here is the video of Obama’s address:

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As forecasters predict a grim holiday season for retailers (AP) and the travel industry, U.S. companies are struggling to figure out how to survive. Three top U.S. business executives discussed the impact of the crisis and how the government should act in a Wednesday panel sponsored by the Chicago Council on Global Affairs and the Chartered Financial Analyst Society of Chicago.

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The Obama-Biden transition team announced on Wednesday the review team leaders for the Treasury, State and Defense Departments. The Washington Post profiles the new appointees.

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An expert panel discussed possible policy solutions to the global financial crisis Tuesday night at NYU. CFR.org contributing writer Julie Ginsberg filed this report from the event.

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President-elect Barack Obama has opted not to attend (NYT) this weekend’s emergency international economic meetings in Washington. Nineteen foreign leaders will be in attendance.

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President-elect Obama, meeting President Bush yesterday at the White House, urged Bush to extend an aid package (WashPost) to automakers by giving them access to some of the Treasury Department’s $700 billion economic rescue program. Bush indicated to Obama that he might be willing to consider throwing his support behind such a measure if congressional Democrats agree to support his proposed free trade deal with Colombia.

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