Treasury's No. 2 official Faulkender is leaving administration, Treasury says - Reuters

Treasury's No. 2 official Faulkender is leaving administration, Treasury says - Reuters

Michael Faulkender, the Deputy Treasury Secretary and the second-highest official at the Treasury Department, is leaving the administration after just five months in the role. The departure follows the resignation of IRS Commissioner Billy Long earlier this month. Faulkender managed day-to-day Treasury operations and briefly served as acting IRS commissioner during the leadership turnover.

Faulkender's tenure was marked by his academic and policy expertise, having previously served as a finance professor at the University of Maryland. In the first Trump administration, he oversaw pandemic economic responses and played a key role in shaping tax policies in the July tax and spending law.

His confirmation by the Senate in March was praised by Treasury Secretary Scott Bessent for his academic and policy expertise. However, Faulkender's departure comes as a surprise, given his relatively short tenure and the recent changes in leadership at the IRS.

The reasons behind Faulkender's departure are not yet clear. Reuters reported that Trump ally Laura Loomer first publicized his exit on social media. The Treasury Department has not yet released a formal statement on the matter.

This development may have implications for the ongoing tax reform efforts and the broader economic policies being shaped by the administration. The Treasury Department will need to appoint a new deputy secretary to fill Faulkender's role.

As of now, the Treasury Department has not commented on the reasons behind Faulkender's departure. Further developments are expected as more details become available.

[1] https://www.quiverquant.com/news/Treasury+Deputy+Secretary+Michael+Faulkender+to+Depart+After+Five+Months+in+Role