Who is he?
Stefan Selig is the current undersecretary of commerce for international trade at the U.S. Department of Commerce. Prior to this position, Selig served as a senior executive at Bank of America Merrill Lynch.
Stefan Selig (second from the left) at a Dow Jones event on investing on February 12, 2009. Source: Dow Jones Events’ flickr photostream, used under a creative commons license.
Why has he been in the news?
President Barack Obama first announced Selig’s nomination in November 2013, and the Senate in June 2014 confirmed his appointment to head the International Trade Administration at the Commerce Department. This makes Selig one of only a few Wall Street bankers that have taken positions in the Obama administration.
What can we expect from him?
Selig will be leading the administration’s effort in helping U.S. businesses expand into new overseas markets, enforcing international trade laws, and attracting foreign investment. This is a high priority for President Obama, who has made export promotion – especially by small and mid-sized companies – a key part of his efforts to help the U.S. economic recovery. Selig brings extensive global and U.S. investment banking experience from his 30 years in the private sector. He also benefits from having a good relationship with his boss, Secretary of Commerce Penny Pritzker, having worked with her during their investment banking days.
In his new role, Selig is also responsible for enforcing existing U.S. trade agreements with other countries and the difficult task of monitoring U.S. trade friction with foreign trading partners.
