Donald Trump's Financial Legacy: Nominations and Economic Agenda

U.S. President-elect Donald Trump nominates University of Maryland finance professor Michael Faulkender as deputy U.S. Treasury secretary. Faulkender previously aided in implementing a pandemic relief program and has served as Treasury's assistant secretary of economic policy. His nomination aligns with Trump's America First Economic Agenda.

On Wednesday, President-elect Donald Trump announced the nomination of Michael Faulkender, a finance professor at the University of Maryland, for the role of deputy U.S. Treasury secretary. Faulkender's return to the Treasury Department marks a significant step, given his previous role in implementing vital pandemic relief programs.

Faulkender has been a pivotal figure in Trump's administration, previously serving as the Treasury's assistant secretary of economic policy. In this capacity, he provided guidance on economic issues to then-Treasury Secretary Steven Mnuchin. His new role, if confirmed, will see an expansion into sanctions policy, financial markets regulation, tax policy, and managing the Treasury's $28 trillion debt.

The appointment of Faulkender and Scott Bessent for Treasury secretary has quelled market concerns about Trump's economic strategies. Trump emphasized Faulkender's contributions and the pivotal role of the America First Policy Institute in shaping his administration's policy landscape.

(With inputs from agencies.)