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Beltway Reporting Eric Schmidt As Commerce Secretary Is A Done Deal

Eric Schmidt file photo: TDG LLC

In most circles someone going from the title of CEO of Google, one of America’s largest companies, to secretary would be seen as a horrible demotion of some kind.  In Silicon Valley it’s not uncommon to see millionaire secretaries, but in the case of one Eric Schmidt we’re not talking about just any secretaries job.

If sources inside the beltway in Washington DC are correct, Schmidt may be leaving Google as CEO next week and moving back closer to his childhood home as the Secretary of Commerce in the Obama administration.

According to the Business Insider politics page, Eric Schmidt’s confirmatino as Secretary of Commerce is a  ” done deal”. We first reported this story back on March 9, 2011

More after the break

Schmidt has been an open supporter of the current president since the Obama’s campaign trail began. Schmidt was one of a handful of tech influencers who ate with the President last month. Others included Facebook founder and CEO Mark Zuckerberg, and a frail Steve Jobs.

Schmidt was also part of a panel of CEO’s that met with the president a few months back to discuss injecting growth into the economy.

The Obama administration will be gearing up for reelection any moment now and is battled with mixed reviews across the country.  If Obama wins reelection in 2012 he would have the option to clean out his cabinet but a mid to late term appointment will probably be safe for the next four years.

Although  Schmidt is very vocally a democrat he picked up the endorsement of Reagan Administration Commerce Department Counsel Clyde Prestowitz for the position of Commerce Secretary. Prestowitz still carries a lot of clout in DC with the GOP and his endorsement shows that Schmidt will be accepted across party lines.

While Obama is still making his decision, one thing is for sure and that is that Google Co-Founder Larry Page will be the CEO of Google come this time next week.  When that transition happens Schmidt will move to the newly created Executive Chairman position where he will be an ambassador of sorts and advisor to President Page.

Source: Business Insider, SearchEngineLand, TDG