As part of his proposal, which requires congressional approval, Mr. Obama would merge the Commerce Department's core business-related functions with five smaller agencies: the Small Business Administration, the Office of the U.S. Trade Representative, the Export-Import Bank, the Overseas Private Investment Corporation and the Trade and Development Agency.

With the overall proposal pending, Mr. Obama said he would immediately elevate the head of the Small Business Administration to a Cabinet-level post. He can do this without congressional approval.

Source: Wall Street Journal

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