There is a rumor floating around that President Obama is close to electing departing Google Inc. (NASDAQ:GOOG) CEO Eric Schmidt as the nation’s next Secretary of Commerce. Former Reagan Administration Commerce Department counsel Clyde Prestowitz endorses Schmidt for the job. Schmidt’s last day at Google is on April 4 and Larry Page will fill in for him. Schmidt worked at Google for 10 years and is rumored to have had a falling out after the company decided to pull out of China. [BusinessInsider]