Treasury’s No. 2 Jumps Ship Just Months After Confirmation

Deputy Treasury Secretary Michael Faulkender is leaving the agency less than five months after being confirmed by the Senate.

Two anonymous sources confirmed to Politico on Friday that Faulkender, who was confirmed by the Senate in late March, is stepping down from his role at the Treasury Department, as The Wall Street Journal first reported. Faulkender’s departure from the Treasury Department comes two weeks after President Donald Trump removed former Internal Revenue Service (IRS) Commissioner Billy Long from his role on Aug. 8.

“I would like to thank Deputy Secretary Faulkender for his dedication and service,” Treasury Secretary Scott Bessent said Friday in a statement provided to the Daily Caller News Foundation. “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.”

“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. (RELATED: Scott Bessent Brutalizes Biden-Era Predecessor After She Invokes China In Attempt To Smear Trump)

WASHINGTON, DC – APRIL 02: Deputy Treasury Secretary Michael Faulkender departs after U.S. President Donald Trump signs executive orders imposing tariffs on imported goods during a “Make America Wealthy Again” trade announcement event in the Rose Garden at the White House on April 2, 2025 in Washington, DC. Touting the event as “Liberation Day”, Trump announced sweeping new tariffs targeting goods imported to the U.S. on countries including China, Japan and India. (Photo by Andrew Harnik/Getty Images)

Faulkender previously served as a faculty member at the Wharton School at the University of Pennsylvania, the Kellogg School at Northwestern University and the Olin School at Washington University in St. Louis. He also served as chief economist at the Trump-aligned America First Policy Institute from 2022 until January 2025.

Additionally, Trump fired Commissioner of Labor Statistics (BLS) Erika McEntarfer on Aug. 1 shortly after the release of a disappointing July jobs report. The president announced on Aug. 11 that he selected conservative economist Dr. E.J. Antoni to replace McEntarfer as the next BLS commissioner.

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