December 3, 2008 Obama: Richardson has 'deep understanding' of global economy Play video

(NECN: Chicago, IL) - President-Elect Barack Obama this morning tapped New Mexico Governor Bill Richardson as commerce secretary.

Obama called his former campaign rival a leading "economic diplomat for America."

Richardson, 61, was United Nations ambassador and energy secretary during the Clinton administration. He is in his second term as governor of New Mexico.

Richardson also served seven terms in the House of Representatives.

Richardson is the first Hispanic that Obama has named to his Cabinet.

Click here to hear from Richardson.