President Obama has now revealed his plan for merging the six federal agencies concerned with commerce and trade matters into a single agency. The US Department of Commerce is the largest agency included in the merger, which also includes the Small Business Administration, the Office of the U.S. Trade Representative, the Export-Import Bank, the Overseas Private Investment Corporation, and the Trade and Development Agency.
The president also proposed boosting the status of the head of the Small Business Administration to that of a Cabinet officer. Obama is also seeking fast-track approval from Congress, which would not permit any amendments to the proposal and would guarantee a vote within 90 days.
Republican lawmakers have said cautiously good things about the proposed change, but are waiting for more details before backing the president’s plan.
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