Obama to Call for Reorganization, Merger of 6 Federal Agencies
US President Barack Obama plans to issue a statement this morning calling for the reorganization of six federal agencies dealing with trade and commerce, reports The Associated Press.
The report quotes an unnamed senior administration official who says that the President will call for the Commerce Department, Small Business Administration, Office of the US Trade Representative, the Export-Import Bank, the Overseas Private Investment Corporation and the Trade and Development Agency to be reorganized in to a single agency.
Many life sciences companies use these federal agencies to access foreign markets and bolster their competitiveness in the US and abroad.
The merger will eventually downsize the staff of the agencies by approximately 1,000-2,000 positions by not replacing staff that leave the new agency.
The unnamed White House official said that the President historically had the power to make such reorganizations up until 1984, when that authority was not renewed by the US Congress.