Deputy Treasury Secretary Michael Faulkender is stepping down from his post, after having played what Treasury Secretary Scott Bessent said was a “critical role” at the department.
“I would like to thank Deputy Secretary Faulkender for his dedication and service,” Bessent said in a statement provided by the Treasury Department that didn’t specify why Faulkender is leaving. “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.”
Faulkender didn’t immediately respond to a call seeking comment. The Wall Street Journal earlier reported Faulkender’s departure. Trump ally Laura Loomer posted about Faulkender’s departure on social media late Thursday.
Faulkender will return to academia, according to a person familiar with the matter. He had previously been a professor of finance at the University of Maryland’s business school. He worked at the Treasury in various capacities during President Donald Trump’s first term in office, and helped with the administration’s response to the Covid-19 pandemic.
For a time earlier this year, Faulkender served as the acting commissioner of the Internal Revenue Service. Bessent put him in the post in April after a disagreement with Elon Musk over who should lead the agency. Bessent replaced Gary Shapley, who had been installed at the urging of Musk without Bessent’s knowledge. Earlier this month, the Senate-confirmed head of the agency, former Representative Billy Long, was also replaced at the IRS, this time by Bessent himself, who will serve as acting commissioner until a replacement is found.
