Obama called Richardson a leading "economic diplomat for America." He says Richardson knows how to make the economy work, as well as "what keeps it from working better."
The 61 year old Richardson was United Nations ambassador and energy secretary during the Clinton administration. He's served seven terms in Congress and is in his second term as New Mexico's governor.
One of the nation's most prominent Hispanic politicians, Richardson pledged - in English and Spanish - to work to renew the economy.
Democratic officials say Obama is considering naming another Latino, California Democratic Congressman Xavier Becerra, to be U.S. Trade Representative.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
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