Michael Faulkender, the Deputy Secretary of the U.S. Treasury Department and the second-highest official in the department, is leaving the Trump administration less than five months after his Senate confirmation in March 2025. Treasury Secretary Scott Bessent acknowledged Faulkender's departure and thanked him for his critical role in overseeing Treasury operations since January. Reports indicate that Faulkender was pushed out due to clashes with former IRS Commissioner Billy Long and frustrations expressed by President Donald Trump, who believed Faulkender was not aligned with the administration's vision for its second term. Faulkender, a finance professor at the University of Maryland, had previously served in a Senate-confirmed Treasury post during Trump's first administration. His exit follows that of IRS Commissioner Billy Long, who is transitioning to an ambassadorial role in Iceland. The Treasury Department confirmed the departure but did not provide a detailed reason.