March 05, 2025

Ahead of Hearing, Warren Presses Trump’s Deputy Treasury Secretary Nominee on Economic Policy

Warren seeks response to 32-page letter to Michael Faulkender, the Assistant Secretary for Economic Policy during President Trump’s first term.

“Your administration of PPP [loans] during Trump’s administration led to the ‘biggest fraud in a

generation’”

“If confirmed, the decisions you make will have far-reaching consequences for every American.”

Washington, D.C.– Ahead of his nomination hearing before the Senate Finance Committee, U.S. Senator Elizabeth Warren (D-Mass.), member of the Committee, sent a 32-page letter to Mr. Michael Faulkender, President Trump’s nominee for Deputy Secretary of the Treasury, pressing him to explain his views on Treasury responsibilities. Warren cited his history of mismanagement of the Paycheck Protection Program (PPP) and his known support for President Trump’s agenda as cause for concern.

The Treasury Deputy Secretary is responsible for implementing the President’s economic agenda, which includes taxes, trade, the banking and financial system, sanctions and money laundering compliance, and management of the national debt.

Faulkender played a key role in President Trump’s first term, serving as Assistant Secretary for Economic Policy. He was directly responsible for establishing and administrating PPP, a Covid-era government loan program that replaced salaries for furloughed and unemployed workers. While he was responsible for the program, it suffered from the theft of over 10 percent of the $800 billion that Congress allocated to support small businesses.

“You played a key role in President Trump’s first term, serving as Assistant Secretary for Economic Policy … In that time, you were responsible for programs that were structured so poorly that they created ‘the biggest fraud in a generation,’” wrote Senator Warren.

Senator Warren also raised concern about Elon Musk’s DOGE team and its access to sensitive taxpayer data.

“Elon Musk and his Department of Government Efficiency (DOGE) have reportedly arrived at the IRS… seeking access to the sensitive personal data on millions of American taxpayers that is stored by the IRS,” wrote the senator, who asked Faulkender if he would stop this DOGE incursion.

Senator Warren’s questions addressed a number of other key concerns:

Faulkender’s advocacy for deregulation of banks and the financial industry, which threatens the stability of the banking and economic systems.
His support for President Trump’s tax agenda that would benefit the wealthy at the expense of middle-class families.
His approach to President Trump’s tariff plans - and how he will prevent a trade-war given the Administration’s current trajectory.
His approach to the Department of Government Efficiency, including clawing back tax expenditures and loopholes for large corporations and the ultra-wealthy.
His positions on anti-money laundering and counter-terrorism financing measures - especially as Project 2025 calls for repealing measures that help the government combat money laundering, sanctions evasion, and terrorist financing.
His stance on protecting the Consumer Financial Protection Bureau (CFPB), which Republicans in Congress continue to attack.

“The decisions you make will have far-reaching consequences for every American—from determining how much they pay in taxes, to setting the structure of their debt repayment plans, to funding their Social Security payments,” concluded the senator.

Senator Warren requested that Faulkender come prepared to answer her questions at his hearing in front of the Senate Finance Committee on March 6, 2025.

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