What the new commerce law will do

Posted October 05, 2018 04:00:24 The next big business is a game changer for the global economy, as the federal government announced it will create a new commerce department that will be headed by a retired General Motors executive.

In a statement, the commerce secretary, Wilbur Ross, said the Commerce Department will be an intergovernmental entity to manage federal commerce in a more efficient and accountable manner.

It will be a central hub of commerce for the United States, and we are creating a new office for this purpose, he said. 

“Commerce is at the core of the American economy, and it is important that this new department plays a significant role in helping us achieve economic prosperity and job creation,” Ross said.

“I am thrilled to see the new Commerce Department and look forward to working with the new Secretary of Commerce to bring our nation’s business community together in the months and years ahead.”

The announcement comes just two weeks after President Trump and Vice President Mike Pence announced they would take the reins of the department, setting up a new team of four new officials.

Ross said the department would work closely with other federal agencies to promote innovation and create jobs.

“We are proud of our country’s leading role in creating the world’s largest, most innovative economy, but we also know that our success depends on working together across borders, communities, and nations to make the world a better place for our citizens,” Ross added. 

The department will oversee everything from consumer products to pharmaceuticals to financial services to financial technology.

Ross also announced the creation of a new bureau to provide advice to the Trump administration on matters related to trade.

Under the commerce department, the Trump and Pence administrations are taking the lead in a slew of major initiatives, including repealing the Affordable Care Act, renegotiating the North American Free Trade Agreement and reforming trade deals.

The new commerce secretary will be confirmed by the Senate in mid-October.