In a 53-43 vote, the U.S. Senate has confirmed Michael Faulkender as Deputy Secretary of the U.S. Department of the Treasury.
A seasoned economist with a blend of academic distinction and public policy experience, Faulkender brings a deep background in finance and economic policy to the role. He previously served as Assistant Secretary for Economic Policy at the Department of the Treasury from 2019 to 2021, where he advised the Secretary on national and international issues impacting the economy. In this position, he played a key role in the economic response to the COVID-19 pandemic, including the negotiation of the CARES Act and the implementation of the Paycheck Protection Program (PPP).
In 2021, he received the Alexander Hamilton Award for Distinguished Leadership, the highest service award at the Department of the Treasury.
“It is an honor to be confirmed,” Faulkender said in a statement following the Senate vote. “I look forward to working with Secretary [Scott] Bessent in delivering prosperity for the American people, the reprivatization of our economy, national security through economic security, and supporting the President’s America First agenda.”
Secretary of the Treasury Scott Bessent praised Faulkender’s appointment, calling him “a distinguished economist who brings a rare blend of real-world experience, academic credentials, and advocacy to the position.”
Prior to this confirmation, Faulkender served as Chief Economist and Vice Chair of the Center for American Prosperity at the America First Policy Institute. He also holds a longstanding academic position as Professor of Finance at the University of Maryland’s Smith School of Business and has taught at Wharton, Northwestern, and Washington University in St. Louis.
Faulkender holds a Ph.D. in Finance from Northwestern University and a Bachelor’s degree in Managerial Economics from the University of California, Davis.