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Obama to tap Pritzker, Froman for top economic jobs

US President Barack Obama today will nominate a longtime fundraiser to run the Commerce Department and a top economic adviser as the next US trade representative, a White House official said.

world Updated: May 02, 2013 17:53 IST

US President Barack Obama on Thursday will nominate a longtime fundraiser to run the commerce department and a top economic adviser as the next US trade representative, a White House official said.

Commerce nominee Penny Pritzker, a businesswoman, philanthropist and Hyatt hotel heiress, is Obama's final pick to fill vacancies among Cabinet secretaries in his second term. The Commerce post has been vacant since last summer, when former secretary John Bryson resigned after he said he suffered a seizure that led to a series of traffic collisions.

USTR nominee Michael Froman is one of Obama's senior economic advisers and a former Citigroup executive. The Cabinet-level post performs as the administration's top adviser and negotiator on international trade. If confirmed by the Senate, Froman will replace Ron Kirk, a former Dallas mayor who stepped down as trade representative in February after serving in the post for the entirity of Obama's first term.

Obama will announce both nominations from the White House on Thursday morning before departing for Mexico.

If confirmed, Pritzker will become the fourth woman serving as secretary in Obama's current Cabinet. She also will be the wealthiest in the Cabinet by far, with Forbes estimating her net worth at $1.85 billion and ranking her as the 277th richest American.

Pritzker is a lifelong Chicagoan who has known Obama since the 1990s and raised hundreds of thousands of dollars for both his presidential campaigns. She was his finance chairwoman in 2008, served as co-chair of Obama for America 2012 and gave $250,000 to help put on his inaugural festivities in January.

Obama has called her a fearless leader for his candidacy "who never wavered, never waffled and cracked the whip with grace and good cheer".

Obama selected her for his 16-member Presidential Economic Recovery Advisory Board in 2009. When that board expired, Obama included her in his 26-member Council on Jobs and Competitiveness.

Pritzker has led several companies and currently serves as chair of investment firms Pritzker Realty Group and Artemis Real Estate Partners. She's also on the board of the Hyatt Hotels Corp, the chain co-founded by her father.

She's donated generously to education and the arts and resigned from the Chicago Board of Education in March as she was being vetted for the Commerce nomination.

Froman, Obama's deputy national security adviser for international economic affairs, is steeped in the issues confronting the trade representative.

He has been Obama's main representative at international economic summits such as the meetings of the Group of Eight and Group of 20. He is responsible for coordinating White House policy on international trade, investments, energy, climate and development.

Froman served during former president Bill Clinton's administration as chief of staff to then treasury secretary Robert E Rubin. He also worked as deputy assistant secretary for Eurasia and the Middle East and did a White House stint similar to his current job under Obama.

ht epaper

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