Treasury Shake-Up: Faulkender's Brief Tenure
U.S. Deputy Treasury Secretary Michael Faulkender resigned abruptly after less than five months in office. Faulkender, notable for his economic advocacy and policy implementation, clashed with Treasury Secretary Scott Bessent. His departure marks the second significant Treasury exit this month amid political and administrative challenges within the department.
The U.S. Department of the Treasury announced on Friday that Deputy Secretary Michael Faulkender has resigned after just under five months in office. His departure comes as the second significant exit from the department this month, raising questions about stability in President Trump's administration.
Treasury Secretary Scott Bessent expressed gratitude for Faulkender's contributions, particularly highlighting his role in executing Trump's economic policies and legislation such as the One Big Beautiful Bill and the GENIUS Act. Despite no official reason given for his resignation, sources indicate tensions between Faulkender and Bessent.
Faulkender, close to former Treasury Chief Steven Mnuchin, was a vocal critic of Federal Reserve Chairman Jerome Powell and supported Trump's economic strategies. Before his tenure at Treasury, he served as a finance professor and had significant roles in conservative policy think tanks.
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