Trump Hires Another Top Economist
President-elect Donald Trump recently announced his selection of economist Michael Faulkender for the role of Deputy Secretary of the Treasury, the second-highest position in the department. If confirmed, Faulkender will work alongside Scott Bessent, Trump’s nominee for Treasury Secretary, to shape the nation’s economic policies.
Faulkender is no stranger to government service. During Trump’s first term, he played a central role in overseeing the Paycheck Protection Program (PPP), a key stimulus initiative that provided nearly $800 billion in loans to businesses during the COVID-19 pandemic. The program’s goal was to help businesses retain employees during the economic shutdown, with most loans ultimately forgiven. Faulkender’s leadership in managing the program was widely recognized for its scope and impact, as it helped preserve millions of jobs during a time of unprecedented economic uncertainty.
Currently, Faulkender is a professor of finance at the University of Maryland’s Robert H. Smith School of Business, where he teaches graduate-level business courses. He also serves as the Chief Economist at the America First Policy Institute, a think tank that aligns with Trump’s economic agenda. Faulkender’s academic work focuses on corporate finance, including topics such as risk management, capital structure, and executive compensation—areas that will likely inform his approach to economic policy at the Treasury Department.
Trump praised Faulkender’s expertise, emphasizing his qualifications as both an economist and a policy practitioner. Faulkender’s experience in both academia and government positions him to advance policies that prioritize American businesses, workers, and economic independence.
While the PPP faced criticism for allegedly benefiting wealthier taxpayers and being susceptible to fraudulent claims, Faulkender has defended the program’s effectiveness. He pointed to research showing that the PPP helped save millions of jobs, particularly in small businesses, and was crucial in preventing even greater economic damage during the pandemic.
As Deputy Secretary of the Treasury, Faulkender is expected to continue advocating for policies that foster economic growth, job creation, and American competitiveness—key priorities for Trump’s administration in its second term.
