Deputy Treasury Secretary Michael Faulkender Is Leaving the Trump Administration — CNBC (Aug. 22, 2025)
Summary
CNBC report that U.S. Deputy Treasury Secretary Michael Faulkender is leaving the Trump administration less than five months after being confirmed by the Senate, the Treasury Department said. He is the second Senate-confirmed official to leave the Treasury Department that month, following IRS Commissioner Billy Long, who said he was being tapped as ambassador to Iceland. Treasury Secretary Scott Bessent thanked Faulkender but gave no reason for his departure, saying his work supported the passage of the One Big Beautiful Bill and GENIUS Act. Trump nominated Faulkender, a University of Maryland finance professor who had been assistant secretary of economic policy in Trump’s first term, in December; the Senate confirmed him on March 26. He had also been chief economist for two years at the America First Policy Institute.
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“Deputy Treasury Secretary Michael Faulkender Is Leaving the Trump Administration — CNBC (Aug. 22, 2025).”
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Markets Business Investing Tech Politics Video Watchlist Investing Club PRO Livestream Michael Faulkender, deputy US treasury secretary, during a Bloomberg Television interview outside the White House in Washington, DC, US, on Friday, April 11, 2025. Stefani Reynolds | Bloomberg | Getty Images U.S. Deputy Treasury Secretary Michael Faulkender is leaving the Trump administration less than five months after being confirmed by the Senate, the Treasury Department said. Faulkender is the second Senate-confirmed official to leave the Treasury Department this month, following the departure of IRS Commissioner Billy Long, who said he was being tapped as ambassador to Iceland. U.S. Treasury Secretary Scott Bessent thanked Faulkender for his work at the department but gave no reason for his departure. "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," Bessent said in a statement. "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." Trump nominated Faulkender, a University of Maryland finance professor, in December to serve as the No. 2 official at Treasury, where he had been assistant secretary of economic policy during Trump's first term. He was confirmed by the Senate for the role on March 26. At the end of the first Trump administration, Faulkender had returned to the University of Maryland's Robert H. Smith School of Business, where he has been a finance professor since 2008. He had also served as the chief economist for two years at the America First Policy Institute, conservative think tank that has helped shape Trump's policy agenda. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
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