Report: White House eyeing AmEx executive for spot in Cabinet

By Peter Schroeder - 12/18/12 04:29 PM ET

The Obama administration has reportedly approached the head of American Express about joining the president's team during his second term.

Bloomberg reported Tuesday that Kenneth Chenault has been contacted by White House officials to gauge his interest in a Cabinet position, including possibly Treasury Secretary.

The report noted that White House Chief of Staff Jack Lew remains the most likely person to replace the outgoing Treasury Secretary Timothy Geithner, but that Chenault could have some role on the president's team. Other options for the executive include Commerce Secretary, or as a senior adviser to the president.

The Commerce Department has been headed by Acting Secretary Rebecca Blank ever since John Bryson resigned from his position in June, after suffering a seizure that led to a series of car crashes.

Chenault has served on the president's Council on Jobs and Competitiveness, and has frequently been invited to the White House whenever the president sought input from the business and financial community.

The president has said he would like to streamline the government's interaction with the business community. During the campaign, he floated the idea of a "secretary of business" that would provide a "one-stop shop" for business oversight, rather than the number of existing regulators watching the private sector.

He has also said that he would "love" to bring on more business executives, but noted getting them through the confirmation process presents a challenge.

"The confirmation process has become so miserable, so drawn out, that for successful folks to want to put themselves through that process, you know, a lot of folks are just shying away," he told Bloomberg Television in December. "You know, you have to put your life on hold. You may end up getting caught up in some partisan battle up on the Hill that has nothing to do with your own qualifications."

Spokesmen for the Treasury Department and the White House did not respond to requests for comment. The White House has routinely declined to comment on potential nominations as the president looks to fill a number of high-profile vacancies, including secretaries of State and Defense.