Investment Banking Executive Named to Head International Trade Administration
President Obama announced Nov. 7 his intent to nominate Stefan M. Selig as under secretary of commerce for international trade. Selig has spent more than 20 years in senior positions in the investment banking industry and currently serves as executive vice chairman of global corporate and investment banking at Bank of America Merrill Lynch. He holds an MBA from Harvard Business School and a B.A. from Wesleyan University.
If confirmed, Selig will replace Francisco Sanchez as head of the International Trade Administration, which has 2,400 employees in offices throughout the U.S. and in 73 countries. The ITA was recently reorganized into three business units: Global Markets, which provides U.S. firms with country-specific export promotion services and market access advocacy; Industry and Analysis, which develops and executes international trade and investment policies and promotion strategies; and Enforcement and Compliance, which works to enforce U.S. trade laws and ensure compliance with trade agreements negotiated on behalf of U.S. industry.