On November 6, 2013, President Obama tapped Bank of America's executive vice president of global corporate and investment banking, Stefan M. Selig, as the next Commerce Undersecretary of the International Trade Administration ("ITA"). Selig has been with Bank of America since 1999 and has been in his current position for the past four years. As Undersecretary of ITA, Selig will continue to work with President Obama to improve global business and trade, as well as assist in creating a more competitive U.S. market abroad and at home. Selig joins the ITA during a transitional period after a recent structural reorganization to consolidate its previous four areas into three more functionally aligned units. The new units are Global Markets, Industry Analysis, and Enforcement and Compliance. All units are set up with the common goal of increasing trade and enforcing fair trade laws.