Treasury Department’s No. 2 Official Is Leaving

The Treasury Department’s second-in-command, Michael Faulkender, will leave his post less than five months after being confirmed by the Senate.

"I would like to thank Deputy Secretary Faulkender for his dedication and service. Since January, he has played a critical role in overseeing the U.S. Department of the Treasury's operations and executing on President Trump's bold economic agenda,” Treasury Secretary Scott Bessent said in a statement on Friday confirming Faulkender's exit.

“His important work has supported the passage of the historic One Big Beautiful Bill and GENIUS Act, and the leveling of sanctions against our adversaries,” Bessent added.

Faulkender, the deputy Treasury Secretary, oversees the agency’s operations and has a broad policy portfolio that spans tax, international finance, sanctions and financial regulation. He previously was a finance professor at the University of Maryland’s business school and served as chief economist at the Trump-aligned America First Policy Institute.

A Treasury spokesperson did not immediately provide any more details about Faulkender’s departure. Two people familiar with the situation who were granted anonymity to discuss an internal matter confirmed his exit, which was previously reported by The Wall Street Journal.

Faulkender briefly served as acting IRS commissioner earlier this year following a dramatic dispute within the administration between Bessent and Elon Musk over who should oversee the tax agency, which has been rocked by leadership tumult during the Trump administration.

Faulkender becomes the second senior Treasury official to depart in recent weeks.

Billy Long, the Senate-confirmed IRS chief and sixth leader of the agency this year, was removed from his post after less than two months on the job. Bessent is currently the acting IRS commissioner.

A top aide to Treasury Secretary Steven Mnuchin during Trump’s first term, Faulkender played a key role leading the Treasury transition team after the 2024 election.

Faulkender began working as a senior adviser at Treasury at the beginning of the administration in January before he was confirmed by the Senate to the No. 2 job. The Senate confirmed him on a 53-43 vote, along party lines.