News Summary: Obama nominates 2 for economic jobs

OLD FRIENDS: President Barack Obama chose two friends with corporate executive experience for top posts on his economic team, saying they would help the economy grow and create middle class jobs, in part by opening new markets overseas. Both require Senate confirmation.

COMMERCE: The president nominated longtime fundraiser Penny Pritzker as commerce secretary, a Cabinet post vacant since June. A Hyatt hotel heiress and board member, she currently serves as chair of investment firms Pritzker Realty Group and Artemis Real Estate Partners.

TRADE: Obama picked Michael Froman as U.S. Trade Representative. He was Obama's law school classmate and is currently deputy national security adviser for international economic affairs. He previously worked as a Citigroup executive.