President Barack Obama is considering nominating openly gay Fred Hochberg for the position of commerce secretary, according to gay weekly the Washington Blade.

The Blade quotes an unnamed source as saying that Hochberg, the current chair of the U.S Export-Import Bank, is being considered for various positions.

“What I've been told is Fred very well regarded, he's done a great job at the bank, and he's one of the folks that they are looking at carefully for Commerce,” the official said.

If nominated by Obama and confirmed by the Senate, Hochberg would become the first openly gay Cabinet member in history.

While stating that he's not aware that Hochberg is under consideration for any senior position within the administration, Fred Sainz, a vice president at the Human Rights Campaign (HRC), said Hochberg would be well qualified.

“There are a number of highly qualified candidates for cabinet and senior administration positions and Fred is definitely among them,” Sainz said. “We have every confidence that the president will select individuals that reflect the great diversity of our country and that includes LGBT individuals with sterling credentials.”