Deputy Treasury Secretary Michael Faulkender Departs After Five Months on the Job

Deputy U.S. Treasury Secretary Michael Faulkender is leaving his post five months after his Senate confirmation.

The number two official at the U.S. Treasury Department, Faulkender played an important role in the administration of U.S. President Donald Trump. His responsibilities included implementing the sprawling tax legislation passed by Congress this summer and helping to pass the Genius Act cryptocurrency legislation that regulates digital assets.

No reason was given for Faulkender’s departure. In a written statement, U.S. Treasury Secretary Scott Bessent said, “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.”

IRS Connection

Faulkender was briefly the acting commissioner of the Internal Revenue Service (IRS), a position that has seen high turnover under the Trump administration. The president previously removed Billy Long as IRS Commissioner earlier in August, only weeks after his confirmation by the U.S. Senate.

Faulkender joined the administration from the University of Maryland, where he was previously a finance professor. He also served in the Treasury Department during President Trump’s first administration from 2016 to 2020. Faulkender was confirmed by the Senate in March of this year in a party-line vote among Republicans and Democrats.

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