What Happened
Private Equity Billionaire Takes On Defense Supply Chain Challenges
The US Department of Defense has tapped Steve Feinberg, a private-equity billionaire, to improve its missile production capabilities. Feinberg, who grew up in the Bronx, was appointed as the deputy to Defense Secretary Pete Hegseth and has been tasked with speeding up the Pentagon’s ability to get new weapons. The move comes as the US expends thousands of missiles in the Iran war, and Feinberg’s efforts are seen as crucial to addressing the dwindling weapons stocks. The success of his initiatives is still uncertain, but his appointment may signal a new approach to defense procurement. This development was first reported by the Wall Street Journal.