US President Barack Obama has named Republican Senator from New Hampshire, Judd Gregg, as Commerce Secretary on Tuesday, the Washington Post reports.

The nomination is the last for the new US Cabinet.

New Mexico Governor, Democrat, Bill Richardson was nominated by Obama as Commerce Secretary on December 3, but later withdrew his name because of a federal investigation involving state government contracts.

In his introduction of Judd Gregg as Commerce nominee, Obama defined him as "famous or infamous, depending on your perspective, on Capitol Hill, for his strict fiscal discipline."

"Now, clearly Judd and I don't agree on every issue, most notably who should have won the election. But we do agree on the urgent need to get American businesses and families back on their feet. We see eye to eye on conducting the nation's business in a responsible, transparent and accountable manner. And we know the only way to solve the great challenges of our time is to put aside stale ideology and petty partisanship and embrace what works," Obama said during the White House event.

Gregg accepted the nomination and praised Obama for having "outlined an extraordinarily bold and aggressive, effective and comprehensive plan for how we can get this country moving."

Before accepting the job, Gregg, 61, widely known as a fiscal conservative, secured a deal with the New Hampshire Governor that he would be replaced by a Republican in order to not shift the balance of power in the Senate.

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