By Doug Palmer WASHINGTON (Reuters) - Chicago billionaire Penny Pritzker on Thursday appeared on her way to becoming U.S. commerce secretary, after a top Republican lawmaker said she had answered most of his questions about her role in the failure of an Illinois bank and her family's use of an offshore tax haven.

US President Barack Obama on Thursday nominated billionaire Hyatt hotels heiress and major Democratic campaign contributor Penny Pritzker as his new commerce secretary. Filling out his second term economics team, Obama also named Michael Froman, currently his top advisor on international economics, to be US Trade Representative, as his administration tries to boost US exports. The choice of Pritzker, a member of a prominent Chicago business dynasty who staked out her own success in real estate, was unsurprising -- her name had been circulating for months as a likely nominee.

U.S. President Barack Obama said Thursday he has nominated Mike Froman, White House deputy national security adviser for international economic affairs, as the new U.S. trade representative. At a press conference at the White House, Obama also announced his nomination of Chicago businesswoman and Obama fundraiser Penny Pritzker as the new commerce secretary. Stressing their close relationship over two decades, Obama said Froman has "established himself as one of the world's foremost experts of the global economy."