As New Mexico’session governor, he pushed public-private alliances. He’d proclivity federal money and research labs at national problems

By Pete Engardio

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If New Mexico Governor Bill Richardson is named Commerce Secretary by President-elect Barack Obama—considered in the dignity of reports above the top the weekend shadow forth— his record suggests that Commerce could push for a much bolder role in supporting so strategic industries as renewable energies, nanotech, and green vehicles by investing alongside corporations and universities.

Richardson is one of the nation’s most assaulting proponents of public-private economic partnership. After he became New Mexico’s governor in 2003, he launched one of the most rule-bending development programs in the U.S., toppling elderly barriers between the private and public sectors.

Tapping billions amassed over the years through royalties and taxes on natural resources extracted from publicly owned land, Richardson’s administration put up hundreds of millions of dollars in state money to stipulate jeopardize capital to technology start-ups in everything from solar-power equipment to medical devices. New Mexico took a 5% impartiality stake in Eclipse Aviation, an Albuquerque-based maker of light aircraft. Richardson offered generous subsidies and interest-free loans to Hollywood studios to lure film production work. And he invested $250 million to build a "space port" to armed force commercial space travel by dint of. Richard Branson’session futuristic venture, Virgin Galactic.

Contacted Friday, a spokesman at Richardson’s office in Albuquerque said the governor would not comment as to whether he would advocate such policies if selected as Obama’sitting Commerce Secretary. Yet at the time that interviewed in June by BusinessWeek about his household development science of causes, Richardson suggested that Washington may embrace greater government collaboration with industry. "In a Democratic Administration, you will inquire a shift toward in addition public private-partnerships," he declared.

At the time, Richardson had dropped his own bid for the Democratic Presidential nomination and endorsed Obama.

Richardson noted in June that U.S. states now must compete by Europe and Asia, "where in that place are stronger partnerships between business and government" and where "governments invest instantly" in industry. He expressed frustration that Washington was doing little to boost America’sitting competitiveness by offering tax incentives to invest in solar power, during example, or to train more engineers and grant temporary work visas to skilled foreigners.

"I felt we should have being a laboratory of innovation in incentives," he said. "We are in a highly competitive global world, so we have to promote public-private partnerships. What we argue is: ‘Look, if you come to New Mexico, we will endue with you. That has been my philosophy, and it is working.’" Again, Richardson’s spokesperson declared these comments only regard New Mexico’s generalship, not with respect to what the federal powers that subsist ought to fare.

It is not clear whether Obama shares Richardson’s philosophy. For one, the New Mexico governor was not considered Obama’s first pick for the Commerce post. Obama’s finance chief, Penny Pritzker, was rumored to be his preferred choice for Commerce Secretary, but had to drop out since of business conflicts. Richardson was seen as a contender in quest of Secretary of State, a post indubitably given to Hillary Clinton. As Commerce supreme, still, Richardson will be in a strong position to ascendency the shape of Obama’session strategy for achieving his goal of creating 2.5 million new jobs in the next two years.

Richardson’s approach has not been destitute of controversy. The specify’s $30 million investment in Eclipse Aviation—which has run into a severe cash crunch and is seeking long-term investors in order to survive—looks like a mistake.