The White House has named Ron Bloom, a top Treasury Department official and a senior member of President Obama’s auto industry taskforce, to head a drive to revitalize America’s hard-hit manufacturing sector.
Mr Bloom, a former United Steelworkers union adviser and an ex-investment banker, is to work across a number of government departments including Commerce, Treasury, Energy and Labor to develop new initiatives affecting the manufacturing sector, the White House said in a statement.
His appointment follows news last week that the US manufacturing sector had expanded for the first time in 18 months and had the highest monthly output in two years. The Institute of Supply Management index of the factory sector jumped to 52.9 per cent from 48.9 per cent in July. Any number above 50 indicates growth.
“It’s a sign that we’re on the right track to economic recovery, but that we still have a long way to go,” the President said.
“We must do more to harness the power of American ingenuity and productivity so that we can put people back to work and unleash our full economic potential.”
Advertisement
Mr Bloom, who helped guide General Motors and Chrysler through bankruptcy as part of the government’s rescue of the auto industry, said that a strong manufacturing sector was a cornerstone of American competitiveness.
“As we meet the challenges of globalization and technological change, it is vital to have a concerted effort across the administration to support an innovative, vibrant manufacturing sector,” he said.
Prior to joining the Obama administration, Mr Bloom, who will retain his role on the auto industry task force, was a special assistant to the president of the United Steelworkers Union, where his responsibilities included the union’s collective bargaining programme.
Before that he was one of the founding partners of Keilin and Bloom, an investment banking firm, where he was involved in transactions on behalf of the Steelworkers, the Auto Workers, the Teamsters, the Air Line Pilots Association and other unions.