US Treasury No.2 Official Michael Faulkender Resigns After Five Months

Michael Faulkender, the Deputy Treasury Secretary and second-highest-ranking official at the Treasury Department under President Trump, is leaving his position after less than five months. Confirmed by the Senate in March 2025, Faulkender played a key role in overseeing Treasury operations and advancing President Trump's economic agenda, including supporting the passage of the One Big Beautiful Bill and the GENIUS Act. He also briefly served as the acting IRS Commissioner amid agency leadership changes. Treasury Secretary Scott Bessent expressed gratitude for Faulkender's service but did not provide a reason for his departure, which follows the recent exit of IRS Commissioner Billy Long. Faulkender, a University of Maryland finance professor, had previously served in Treasury during Trump's first administration and was known to have had some policy disagreements within the department. His departure highlights ongoing turnover among senior Treasury officials early in President Trump's current term.