Michael Faulkender
The data on this page comes from a financial disclosure filed by Michael Faulkender, who was picked to be: Deputy Secretary, Department of the Treasury. It is part of a collection of thousands of ethics documents ProPublica has been collecting from across the Trump administration.
Roles Outside Government
Officials are required to disclose paid or unpaid positions they hold or recently held outside the federal government, including roles as officer, director, trustee or employee. (Form 278e, Part 1)
| Organization | Position held | Endnote | Line No. |
|---|---|---|---|
| University of Maryland | Professor, 7/2008 - Present | 1 | |
| AMERICA FIRST POLICY INSTITUTE | Chief Economist, 10/2021 - 1/2025 | 2 | |
| Global Accountability Corporation | Chief Economist, 12/2023 - 12/2024 | 3 | |
| Revocable family trust | Trustee, 9/2024 - Present | Trust does not currently hold any assets. | 4 |
Employment Assets
Officials are required to disclose assets associated with their employment, including salary, retirement accounts, stocks, intellectual property and awards or prizes. (Form 278e, Part 2)
| Description | Value | Income | Income Type | Endnote | Line No. |
|---|---|---|---|---|---|
| University of Maryland | $462K | Salary | 1 | ||
| AMERICA FIRST POLICY INSTITUTE | $117K | Consulting Fees | 2 | ||
| Roth IRA | 3 | ||||
| American Europacific Growth | $1,001 - $15,000 | None (or less than $201) | 3.1 | ||
| American Washington Mutual Investors A | $15,001 - $50,000 | None (or less than $201) | 3.2 | ||
| Fidelity Advisor Growth Opp Class M | $15,001 - $50,000 | None (or less than $201) | 3.3 | ||
| Schwab S&P 500 Index Fund (SWPPX) | $15,001 - $50,000 | None (or less than $201) | 3.4 | ||
| University of Maryland | 4 | ||||
| CREF Equity Index R3 | $250K - $500K | None (or less than $201) | 4.1 | ||
| CREF Global Equities R3 | $100K - $250K | None (or less than $201) | 4.2 | ||
| Vanguard Inst Idx Inst Plus | $100K - $250K | None (or less than $201) | 4.3 | ||
| Victory RS Global Fund Y | $50,001 - $100K | None (or less than $201) | 4.4 | ||
| University System of Maryland | 5 | ||||
| Nuveen LifeCycle lx 2040 R6 | $250K - $500K | None (or less than $201) | 5.1 | ||
| Washington University | 6 | ||||
| Nuveen Intl Eq Idx R6 | $15,001 - $50,000 | None (or less than $201) | 6.1 | ||
| Vang Inst Idx Inst Plus | $100K - $250K | None (or less than $201) | 6.2 | ||
| Northwestern University | 7 | ||||
| Vang Inst Idx Inst Plus | $15,001 - $50,000 | None (or less than $201) | 7.1 | ||
| American Europacific Growth | $1,001 - $15,000 | None (or less than $201) | 7.2 | ||
| MFS MidCap Value R6 | $1,001 - $15,000 | None (or less than $201) | 7.3 | ||
| MassMutual Mid Cap Gr I | $1,001 - $15,000 | None (or less than $201) | 7.4 | ||
| Vanguard Extended Market Index Inst Pl | $1,001 - $15,000 | None (or less than $201) | 7.5 | ||
| BlackRock Life Idx 2035 K | $1,001 - $15,000 | None (or less than $201) | 7.6 | ||
| Mississippi State University - 10/25/2024 | $2,500 | Honorarium | 8 | ||
| South Dakota Governors Office of Economic Development - 4/11/2024 | $1,000 | Honorarium | 9 | ||
| Global Accountability Corporation (digital technology platform) | $100K - $250K | None (or less than $201) | 10 |
Employment Agreements
Officials are required to disclose agreements relating to other jobs, including what will happen with any small businesses they own during government service and any continued health care coverage, planned leaves of absence, severance or bonuses. (Form 278e, Part 3)
| Organization | Agreement | Endnote | Line No. |
|---|---|---|---|
| University of Maryland | As Counselor, I am on an IPA Agreement in which I will continue to receive salary and insurance. Upon confirmation, I will go on an unpaid leave of absence from the University (not to exceed four years) and it will not make any further contributions towards salary or insurance. (2025-01-01) | 1 | |
| University of Maryland | While under an IPA agreement, I will receive reduced tuition for my 18-year-old dependent child. Upon confirmation, I will continue to receive this benefit while in a leave of absence status. This is a standard benefit for employees of the University system. (2008-06-01) | 2 | |
| University of Maryland | I will continue to participate in this defined contribution plan. The plan sponsor will not make any new contributions while I am serving as Deputy Secretary. (2008-08-01) | 3 | |
| Washington University | I will continue to participate in this defined contribution plan. The plan sponsor has not made further contributions since my separation. (2002-08-01) | 4 | |
| Northwestern University | I will continue to participate in this defined contribution plan. The plan sponsor has not made further contributions since my separation. (2007-08-01) | 5 | |
| University System of Maryland | I will continue to participate in this defined contribution plan. The plan sponsor will not make any new contributions while I am serving as Deputy Secretary. (2008-08-01) | 6 |
Compensation
Officials are required to disclose the sources of any compensation above $5,000 in a year. (Form 278e, Part 4)
Other Assets and Income
Officials are required to disclose other assets and sources of investment income belonging to them, their spouse or their dependent children. These include annuities, bonds, cash, college savings plans, farms, precious metals, real estate, stocks, trusts and wills. (Form 278e, Part 6)
| Description | Value | Income | Income Type | Endnote | Line No. |
|---|---|---|---|---|---|
| Vanguard Cash Reserves Federal Money Market (VMRXX) | $250K - $500K | $5,001 - $15,000 | 1 | ||
| US bank Account (Cash) | $15,001 - $50,000 | None (or less than $201) | 2 | ||
| Maryland 529 Account for DC #1 | 3 | ||||
| Portfolio for Education Today | $50,001 - $100K | None (or less than $201) | 3.1 | ||
| MD 529 Bond and Income Portfolio | $15,001 - $50,000 | None (or less than $201) | 3.2 | ||
| MD 529 Global Equity Mkt Index Port | $15,001 - $50,000 | None (or less than $201) | 3.3 | ||
| Maryland 529 Account for DC #2 | $11,784 | Distribution | 4 | ||
| Portfolio 2027 | $100K - $250K | None (or less than $201) | 4.1 |
Transactions
Officials are required to disclose the purchase, sale or exchange of property or securities in excess of $1,000. Many top officials are required to file periodic transaction reports (278-T) within 45 days to disclose additional actions. This table combines transactions from regularly scheduled financial disclosures and periodic transaction reports. If the same transaction appears on multiple reports, we’re only showing it once. (Form 278e, Part 7 and Form 278-T)
| Description | Value | Transaction | Endnote | Line No. |
|---|---|---|---|---|
| Global Accountability Corporation | $1,001 - $15,000 | Sale, 2025-06-25
 | 1 |
About the Data
Most political appointees and senior officials in the executive branch are required by law to file public financial disclosure reports. These are documents that detail their financial holdings, positions they hold outside government, their spouse’s holdings, their liabilities and their recent financial transactions (such as buying or selling stock) during a defined reporting period.
The most senior officials file their disclosures with an agency called the Office of Government Ethics, and others file them with a designated ethics official within their agency. The Ethics in Government Act allows members of the public and the press to request these documents.
We’re publishing this information to give the public an important glimpse into the financial ties of a powerful and often hidden cadre of presidential appointees within the federal bureaucracy.
The main document type included in the database is the OGE Form 278e, which appointees must file when they are nominated (for Senate-confirmed appointees) or when they enter government (all others), and then annually while in the position. Another common document included is the OGE Form 278-T, also known as a periodic transaction report, which all public filers must submit within 30 days of a transaction. We are also making other ethics documents available, such as ethics agreements, certificates of divestiture and other documents we have obtained under the Ethics in Government Act.
Join us on Wednesday, April 8 for a walkthrough of ProPublica's new database of financial disclosures from Trump appointees and any potential conflicts they reveal. Register here.
