President Obama announced a sweeping consolidation of six major departments and agencies that are engaged in trade promotion and trade policy. The U.S. Department of Agriculture's Foreign Agriculture Service is not one of the agencies involved. The President's initiative is part of a broader request to Congress for reinstatement of presidential authority to reorganize and consolidate the executive branch.

The president is proposing to consolidate the U.S. Department of Commerce's core business and trade functions, the Small Business Administration, the Office of the U.S. Trade Representative, the Export-Import Bank, the Overseas Private Investment Corporation, and the U.S. Trade and Development Agency into one cabinet-level department. The White House notes the particular benefits for small businesses.