Billionaire financier Stephen Feinberg was sworn in as the 36th deputy secretary of defense on Friday hours after the Senate confirmed his nomination for the Department of Defense position in a 59-40 vote, DOD News reported.
In this capacity, Feinberg will oversee the implementation of the DOD secretary’s priorities and management of the Pentagon’s budget.
“Congratulations to Stephen Feinberg, our new deputy secretary of defense. His appointment is well-deserved, and he’s the right man for the job, the stakes couldn’t be higher. Let’s get to work,” Pete Hegseth, secretary of DOD and a 2025 Wash100 awardee, said in a social media post.
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Stephen Feinberg’s Career Highlights
Feinberg is the co-founder and CEO of Cerberus Capital Management. With his confirmation as deputy DOD secretary, Frank Bruno, a 27-year Cerberus veteran and co-CEO since 2018, will lead the alternative investment firm as chief executive.
During President Trump’s first term, the newly appointed deputy defense secretary chaired the President’s Intelligence Advisory Board.
He has a bachelor’s degree from Princeton University.
Senate Confirmation Hearing
In February, Feinberg appeared before the Senate Armed Services Committee for his confirmation hearing and testified on issues related to DOD’s financial management and the defense industrial base.
In response to a question about strengthening the industrial base, the New York native cited the need for workforce improvement. He noted that people who know how companies in the private sector work should be involved in the military’s materiel procurement efforts.
“A big piece of improving our supply chain is working more closely with our private sector. We need people inside of government [who] understand their issues, understand what drives their boards, [and understand] what drives the pressure they get from shareholders,” he said at the hearing.
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