Policymakers must ensure that the nation's economic infrastructure is "rebuilt to handle the traffic of the global economy" and that "our cutting-edge science and technology remain the envy of the world," President Barack Obama said Tuesday as he formally announced that Senate Budget Committee ranking member Judd Gregg is his pick for Commerce secretary. Until last week, many high-tech insiders thought Symantec CEO John Thompson had a good shot at the job. Watch video of the White House event above. Watch Thompson's Inauguration Day remarks about tech policy and the economy here.