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Obama to pick top Treasury official to revive US manufacturing

Text by NEWS WIRES

Latest update : 2009-09-07

President Barack Obama will nominate top Treasury Department official Ron Bloom to lead an effort to revitalise America's beleaguered manufacturing industry at a Labour Day event in the US city of Cincinnati on Monday.

REUTERS - President Barack Obama plans to announce on Monday that he has named a top Treasury Department official, Ron Bloom, to lead an effort aimed at revitalizing America's hard-hit manufacturing industry.

 

The U.S. manufacturing industry has lost hundreds of thousands of jobs in recent years to overseas competition as some U.S. businesses have relocated abroad to take advantage of cheaper labor. Bringing an invigorated manufacturing base back to America was a campaign pledge of Obama last year.

 

Bloom will retain his role as a senior advisor to Treasury Secretary Timothy Geithner assigned to Obama's task force on the U.S. automotive industry.

 

Bloom will travel with Obama on a visit to Cincinnati on Monday, the Labor Day holiday, where the president will speak at an event held by the AFL-CIO labor organization.

 

The White House said in a statement issued on Sunday that Bloom is to work with government departments including Commerce, Treasury, Energy and Labor to develop new initiatives affecting the manufacturing sector.

 

The White House said Obama is committed to partnering with the private sector to spur innovation, invest in the skills of American workers, and help manufacturers prosper in global markets by promoting exports.

 

Bloom's appointment follows news that the U.S. manufacturing sector had expanded for the first time in 18 months and had the highest monthly output in two years.

 

"It's a sign that we're on the right track to economic recovery, but that we still have a long way to go," Obama said in the announcement.

 

"We must do more to harness the power of American ingenuity and productivity so that we can put people back to work and unleash our full economic potential."

 

Bloom said in the statement that a strong manufacturing sector is a cornerstone of American competitiveness.

 

"As we meet the challenges of globalization and technological change, it is vital to have a concerted effort across the administration to support an innovative, vibrant manufacturing sector," Bloom said.

 

Prior to joining the Obama administration, Bloom was a special assistant to the president of the United Steelworkers Union. His responsibilities included the union's collective bargaining program.

 

Prior to joining the Steelworkers, Bloom was one of the founding partners of Keilin and Bloom, an investment banking firm, where he was involved in numerous transactions on behalf of the Steelworkers, the Auto Workers, the Teamsters, the Air Line Pilots Association and other unions.

 

Before founding Keilin and Bloom, Bloom was a vice president at the investment banking firm of Lazard Freres & Co. where he specialized in analyzing, structuring and raising financing for union-led employee-ownership transactions.

 

Date created : 2009-09-07

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