Pritzker is set to become the third Commerce Secretary in President Obama's tenure in the White House.
John Bryson resigned a year ago citing medical reasons after suffering a seizure that caused a series of nearly simultaneous car accidents, including a hit-and-run, in Los Angeles last June.
Gary Locke, Obama's first Commerce secretary, departed the post in mid-2011 to become Ambassador to China.
Pritzker is the heiress to the Hyatt hotel fortune with a net worth of $1.85 billion, making her the 277th richest person in the United States, according to Forbes.
She led the fundraising effort for Obama's 2008 campaign but resisted taking the Commerce slot in his first administration.
Meanwhile, another Cabinet post was filled on Friday by new U.S. Trade Representative Michael Froman.
He was confirmed on an overwhelmingly strong — 93-4 vote — in the Senate on Wednesday.
"This is a crucial time in America’s recovery, and trade policy can make an important contribution," Froman said.
"Trade must promote economic growth, create jobs and strengthen the middle class. As USTR, I intend to use every tool to increase exports of Made-in-America goods and services, level the playing field for our people to compete and win in the global economy and fully enforce our trade rights, while also working to foster development through trade."