President Obama is close to nominating billionaire Chicago businesswoman Penny PritzkerPenny Sue PritzkerThe Hill's Morning Report - Sanders steamrolls to South Carolina primary, Super Tuesday Biden's new campaign ad features Obama speech praising him Obama Commerce secretary backs Biden's 2020 bid MORE as his next Commerce secretary, according to a Bloomberg report released late Wednesday.


The report noted that Obama has not yet made a final decision.

Pritzker, who made her fortune building Hyatt Hotels, was an Obama fundraiser in 2008. She’s viewed as a favorable choice among business leaders who have been critical of Obama for a lack of chief executives in the higher ranks of his administration.

The Commerce secretary has seen considerable turnover under Obama.

Gary Locke departed in August 2011 to become U.S. ambassador to China.

In October of that year, businessman John Bryson, former chief executive and president of Edison International, was confirmed to replace him, but left after a car accident in California that was apparently caused by a seizure. He took a medical leave of absence and resigned shortly after.

Acting secretary Rebecca Blank has filled the role since then.