Everything you need to know about new Commerce secretary Penny Pritzker

Chicago business executive Penny Pritzker was nominated by President Barack Obama to become the new Secretary of Commerce on Thursday, in an expected move that could prove controversial for the longtime political supporter and fundraising heavyweight. Pritzker is on the board of Chicago-based Hyatt Hotels Corp., which was founded by her wealthy family and has had rocky relations with labor unions. Her nomination, which still needs Senate confirmation, also could bring up questions about the failure of a bank partly owned by her family. With a personal fortune estimated at $1.85 billion, Pritzker, 54, is listed by Forbes magazine among the 300 wealthiest Americans. If the nomination is confirmed, Pritzker would become the first member of her influential family to hold a top-level political office, creating an opportunity to make a name for herself apart from the leadership roles she has played within the family's many businesses, which in recent years were divested. At its peak the Pritzker empire included a bank, a credit reporting agency, an industrial conglomerate, residential developments from coast to coast and the Hyatt Hotel chain, founded by her uncle Jay, among other investments. Penny Pritzker runs PSP Capital Partners, an investment firm, and its affiliated real estate investment firm, Pritzker Realty Group. She played an influential role in Obama's rise from Illinois state senator to the nation's 44th president, serving as Obama's national finance chair in his first campaign for the White House and co-chair of his reelection campaign. In announcing Pritzker's appointment from the White House Rose Garden, Obama heralded her as "one of the country's most distinguished business leaders" with more than 25 years experience in real estate, finance and the hospitality industry. "She's built companies from the ground up," Obama said. "She knows from experience that no government program alone can take the place of a great entrepreneur." He noted that Thursday is her birthday, saying: "For your birthday present, you get to go through confirmation." That prompted laughter. "It's going to be great." Obama also said he had "watched her kids grow up." "This is what's unique about Penny, her friendship with the President gives her a unique ability as part of the economic team," said Bill Daley, a Commerce Secretary under Bill Clinton and a White House chief of staff to Obama. "She'll really be in the room as they're talking throu