Obama Taps Pritzker to Lead Commerce, Froman to USTR
President Barack Obama nominated billionaire businesswoman Penny Pritzker to be Commerce Secretary and Mike Froman to be U.S. Trade Representative (USTR). Pritzker and Froman will help “create jobs and growth here at home, and offer our businesses growing markets where they can sell more American-made goods and services abroad,” Obama said Thursday during a speech in the Rose Garden.
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Pritzker, whose birthday was Thursday, is the founder and CEO of PSP Capital Partners and a board member of the Hyatt Hotels Corp., which her father, Donald Pritzker, co-founded. Pritzker was one of Obama’s top fundraising bundlers, netting $1.34 million for his 2008 and 2012 presidential campaigns, according to the Center for Responsive Politics. The Chicago native is a former member of Obama’s council on jobs and competitiveness and a former member of the president’s economic recovery advisory board. She was national co-chair of Obama for America 2012 and was national finance chair of Obama’s 2008 presidential campaign.
Obama touted Pritzker’s “extraordinary experience” in the private sector: “She knows from experience that no government program alone can take the place of a great entrepreneur. She knows that what we can do is to give every business and every worker the best possible chance to succeed by making America a magnet for good jobs,” he said. Motorola Solutions CEO Greg Brown said Pritzker is “an excellent choice” because she has a “solid understanding of the business community and brings invaluable experience.”
Pritzker replaces Acting Commerce Secretary Rebecca Blank who previously announced she would leave the post in July to become chancellor at the University of Wisconsin-Madison (CD March 19 p13). Blank took over as acting secretary after John Bryson took a medical leave of absence last June following reports that he suffered a seizure related to three car accidents.
Froman is deputy national security adviser for international economic affairs and a former Citigroup executive. Froman has already been a “driving force” in organizing international forums like the G8 and G20 and “a key negotiator” on the trade agreements with South Korea, Colombia, and Panama, the president said. The Obama administration is negotiating the Trans-Pacific Partnership and a trade agreement with the EU which could create new international rules for intellectual property protection. Froman replaces Acting USTR Demetrios Marantis who was promoted after Ron Kirk resigned in March.
Senate Majority Leader Harry Reid, D-Nev., urged his colleagues in the upper chamber to give the nominees a “fair and prompt confirmation process,” according to a news release. “Pritzker’s long-time experience in private industry makes her an excellent ambassador to the business community and Mike Froman’s deep knowledge of international trade ensures that we will have a leader who understands what it takes to keep America competitive at home and around the world,” he said.
Senate Commerce Committee Ranking Member John Thune, R-S.D., will ensure that Pritzker’s confirmation process is “thorough and fair,” he said in a news release. “Americans continue to suffer from weak economic growth and persistent, high unemployment, and I am anxious to hear her thoughts on how the Commerce Department can better work to address those and other issues.” MPAA Chairman Chris Dodd said in a separate release that Froman’s experience “will prove vital in overseeing the completion of the Trans-Pacific Partnership agreement and ensuring that trade remains a top priority for the U.S. government.”