President Obama nominated economic adviser Michael Froman as the U.S. Trade Representative (USTR) in a Rose Garden ceremony yesterday to replace Ron Kirk, who left the position in March. Froman is currently serving as an assistant to the president and as deputy national security adviser for international economics and has been instrumental in coordinating policy on international trade and other economic issues. In making the announcement, Obama praised him as “one of the world’s foremost experts on our global economy” and noted that they went to law school together. Deputy USTR Demetrios Marantis has been serving as acting USTR since Kirk’s departure.
Froman is thought to be a tough negotiator and has served in a variety of roles related to trade and global economic issues. He played a key roll in negotiating the final details in the South Korea, Colombia, and Panama trade agreements for the White House. He has also worked closely with Obama at all major international economic events, including the G-20 and G-8 summits. Prior to joining the Obama administration, he was a senior fellow at the Council of Foreign Relations and served in various roles at Citigroup over a period of several years. He also held key economic posts during the Clinton administration.
Froman will take charge of what the Obama administration has said will be an aggressive trade agenda in the president’s second term, including, among others, negotiating a major new trade pact with the European Union, wrapping up negotiations for the sweeping Trans-Pacific Partnership agreement, the U.S. involvement in the World Trade Organization and the Doha Round, as well as a possible fight looming over whether to renew Trade Promotion Authority (TPA), which expired in July 2007. TPA allowed the Office of the U.S. Trade Representative to negotiate deals and then submit them to Congress for a straight up-or-down vote, without any amendments.
President Obama also nominated longtime Democratic fundraiser and billionaire businesswoman Penny Pritzker to lead the Department of Commerce. Pritzker, estimated by Forbes to have a net worth of $1.65 billion, is a Chicago businesswoman, philanthropist, and Hyatt Hotels Corporation heiress. She was the national finance chairwoman for Obama’s 2008 presidential campaign and co-chaired for his 2012 reelection campaign. She has served on the president’s jobs council as well as his economic recovery board and has held numerous positions in philanthropic and public policy spheres.
Pritzker is a trustee of Stanford University, co-founder of investment firm Artemis Real Estate Partners, and board member of Hyatt Hotels Corp. Former Commerce Secretary John Bryson left his post last summer for health reasons. Acting Commerce Secretary Rebecca Blank will take the position of chancellor of the University of Wisconsin this summer.
The two selections, which are subject to Senate confirmation, will fill out the president’s second-term economic team.
