elect Barack Obama named Bill Richardson as commerce secretary on Wednesday, filling a top economic post in troubled times and placing a second former campaign rival in his new Cabinet. Richardson, 61, was United Nations ambassador and energy secretary during the Clinton administration, and he is now in his second term as New Mexico's governor. He boasts an extensive and wide-ranging resume. As a seven-term congressman, Richardson showed a knack for freelance diplomacy, rushing off to North Korea, Sudan, Cuba and Iraq on unofficial diplomatic missions. The president-elect called Richardson a leading “economic diplomat for America. During his time in state government and Congress, and in two tours of duty in the Cabinet, Bill has seen from just about every angle what makes our economy work and what keeps it from working better.” If Richardson is confirmed by the Senate, he would take over a sprawling department that oversees the National Weather Service, the Census Bureau, economic development programs and more. One of the nation's most prominent Hispanic politicians, Richardson pledged – in English and Spanish – to work to renew the economy. Richardson will become the latest former Democratic primary opponent to join Obama's Cabinet. The incoming chief executive has chosen another adversary-turned-ally, Hillary Rodham Clinton, to be his secretary of state. Obama also chose former rival Joe Biden as his vice presidential running mate. Obama is considering another Hispanic politician, California Democratic Rep. Xavier Becerra, to be US Trade Representative, according to two Democratic officials speaking on a condition of anonymity ahead of an announcement for the position. Obama seemed in a lighthearted mood as he announced Richardson for the commerce post Wednesday. Asked about Richardson's recent decision to shave his beard, Obama joked that he was “deeply disappointed.” He said he guessed Richardson decided to jettison the facial hair after his wife found it scratchy. New Mexico's Lt. Gov. Diane Denish, a Democrat will become the state's first female governor when Richardson leaves to assume his new post. Denish will take over for the remainder of Richardson's term, which runs through 2010.