Obama made the nominations, which require Senate confirmation, in the White House Rose Garden just before departing for Mexico. He said the two will help fulfill his top priority to grow the economy and create middle class jobs, in part by opening new markets overseas to sell U.S. products.
"They've got a lot of work to do, and I intend to work them to the bone as soon as they're official," Obama said to laughter from a crowd that included the nominees' families and administration staff.
If confirmed, Pritzker would become the fourth woman serving as secretary in Obama's current Cabinet. She also would 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 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.
"She knows from experience that no government program alone can take the place of a great entrepreneur," Obama said. He also noted he was nominating her on her 54th birthday and joked, "For your birthday present, you get to go through confirmation. It's going to be great."
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.
Obama credited Froman with helping negotiate trade agreements for South Korea, Colombia and Panama that the president said have supported tens of thousands of U.S. jobs.
"He has also won a reputation as being an extraordinarily tough negotiator while doing it," Obama said. "He does not rest until he's delivered the best possible deal for American businesses and American workers. He's fought to make sure that countries that break the rules are held accountable."
Froman served during President Bill Clinton's administration as chief of staff to 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.
Before joining the Obama economic and national security teams he worked in various capacities at Citigroup, including managing partner of the Wall Street bank. He also has been a senior fellow at the Council of Foreign Relations and a resident fellow at the German Marshall Fund.
Among the top ongoing trade issues are negotiations over the Trans-Pacific partnership, an Asia-Pacific trading bloc that is key to Obama's efforts to boost exports to Asia. Members include the U.S., Australia, Canada, Malaysia, Mexico, Vietnam, Chile, New Zealand, Brunei, Singapore and Peru. Last month, the U.S. approved Japan's entry into negotiations on the trading bloc.