Obama Taps Richardson for Commerce

The president-elect formalizes the New Mexico governor's appointment Wednesday at a presser in Chicago. Read press release here. Dismisses question about choosing the prominent Hispanic politician to satisfy Latino groups pushing for Cabinet representation. Also jokes that he's "deeply disappointed" Richardson ditched the "rugged Western look" and shaved his beard. Read his prepared remarks here. Richardson also gives remarks -- in both English and Spanish -- pledging to work to renew the economy. Plus: Politico: More announcements possible as early as Thursday.