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President Obama is asking Congress for the authority to combine the US government's six trade and business-related agencies and departments into a one-stop-shop for businesses.
The move would see the amalgamation of parts of the Department of Commerce, Export-Import Bank, Overseas Private Investment Corporation, Small Business Administration, US Trade Representative, and the Trade and Development Agency into a new agency, focused on the administration's goal of doubling exports by 2014 and creating manufacturing jobs within the US. The goal is for one department where entrepreneurs can go from the day they come up with an idea and need a patent, to the day they start building a product and need a warehouse, to the day they are ready to export and need help breaking into new markets overseas. The new department will lead the development and implementation of an integrated, strategic, government-wide trade effort and have a focused capacity to help businesses grow.
Click here to see the current web of US trade and business agencies.
Ferderal chief performance officer and deputy director for management at the Office of Management and Budget, Jeff Zients, confirmed on a conference call that the new department would be split into four pillars: Trade and Investment; Small Business and Economic Development; Technology and Innovation (including patents); and Statistics (including the census).
The White House will also be unveiling a new integrated website: BusinessUSA. This site will be a virtual one-stop shop with information for small businesses and businesses of all size that want to begin or increase exporting.
The reorganisation of US trade agencies could see a saving of some $3 billion over 10 years, making the process of accessing government guarantees,...