Michael Houghton, a partner with the Wilmington firm of Morris, Nichols, Arsht & Tunnell LLP, has been appointed as Chair of the Delaware Economic and Financial Advisory Council (“DEFAC”) by Gov. John Carney.
Established by Executive Order in 1977 by Governor Pete du Pont , DEFAC members are appointed by the Governor. Membership represents both the public and private sectors.
DEFAC is charged with providing advice to the Governor and the Secretary of Finance on the State’s overall financial conditions, current and projected economic condition and trends, tax policy and current and projected trends in the national and local economies that may affect Delaware.
The council is also charged with providing non-partisan and objective revenue and expenditure estimates to the governor and General Assembly.
Because both the Governor and General Assembly accept DEFAC’s revenue projections as “the estimate” to be employed in constructing the State budget, DEFAC is recognized as a model for eliminating politics from revenue and expenditure estimates.
Governor Carney said: “Mike is an ideal choice to lead the Delaware Economic and Financial Advisory Council — an independent thinker who has a deep understanding of how state government works. DEFAC provides independent forecasts of Delaware’s financial picture, which is an especially important role as we continue to confront our budget challenges. I’m confident that Mike is the right person to lead the Council.”
Houghton has served in numerous leadership roles with both Delaware and national business and professional organizations.
He is President-Elect of the Delaware State Bar Association and member of the board of the Delaware Bar Foundation.Houghton also serves as a member of the Boards of the Delaware State Chamber of Commerce, the Delaware Public Policy Institute, the Pete du Pont Freedom Foundation and the Rockefeller Trust Company of Delaware.
In his legal practice, he represents state entities and agencies – such as the Diamond State Port Corporation, the Delaware River & Bay Authority and the Delaware Department of Insurance – as well as utilities, banks and various other entities in state and local regulatory matters, including Artesian Water Company, Comcast and Delmarva Power.
