WASHINGTON, (Reuters) – President Barack Obama plans to announce today 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 today, 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 yesterday 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.
