East Idaho Times

U.S. Senate Finance Committee Chairman Mike Crapo (R-Idaho) addressed the nomination of Michael Faulkender for Deputy Secretary of the Treasury during a hearing in Washington, D.C. on March 6, 2025.

In his prepared remarks, Crapo congratulated Faulkender on his nomination and expressed appreciation for his willingness to serve. He highlighted the importance of the U.S. Treasury Department's responsibilities, including economic policy, financial markets oversight, government finances management, and financial sanctions.

Crapo emphasized the Deputy Treasury Secretary's role in formulating and executing Treasury policies alongside Secretary Bessent. He stated that if confirmed, Faulkender would be involved in crafting tax policies aimed at fostering growth and enhancing U.S. businesses' competitiveness globally.

Faulkender previously served as Assistant Secretary for Economic Policy during the first Trump Administration, contributing to significant policy discussions such as the CARES Act. He was awarded the Alexander Hamilton Award for Distinguished Leadership for his service at Treasury.

As an economist and university professor, Faulkender has focused on investment considerations for multinational corporations, corporate capital structure, risk management, corporate liquidity, and executive compensation—all relevant to his potential new role.

Crapo affirmed Faulkender's qualifications based on his public and private sector experience and academic credentials. Despite supporting or opposing nominees from the Biden Administration over four years as Ranking Member, Crapo has always advocated for a fair nomination hearing process once all steps are completed.

During due diligence meetings with committee members and staffers, Faulkender committed to providing Congress with briefings on Treasury payment systems if confirmed. Crapo acknowledged past delays in receiving responses from Treasury under the Biden Administration but expressed appreciation for Faulkender's commitment to responsiveness.

The Finance Committee received several letters related to Government Efficiency work at Treasury and IRS transparency issues underlining recent communications regarding IT infrastructure reviews and legal case declarations involving Treasury employees.

Crapo concluded by congratulating Faulkender again on his nomination while expressing anticipation of future collaboration should he be confirmed.