Treasury's Michael Faulkender steps down after five months - report

Anna Moneymaker/Getty Images News

Deputy Treasury Secretary Michael Faulkender is stepping down less than five months after his Senate confirmation, according to a media report published Friday.

This marks the second top Treasury departure this month, after U.S. President Donald Trump is ousted [https://seekingalpha.com/news/4482830-trump-removes-irs-chief-billy-long-after-just-two-months---report] Internal Revenue Service Commisioner Billy Long just two months into the job.

Faulkender worked in the Treasury Department during Trump's first term. In the current term, Faulkender headed [https://www.wsj.com/politics/treasury-michael-faulkender-depart-972160c7?gaa_at=eafs&gaa_n=ASWzDAjXc04CcquMnIHvciyWVVqSAepjpcSIRiseXtHy_gD9sBXxLXojcEDq-ftoOjw%3D&gaa_ts=68a87ebe&gaa_sig=3jWPjHe19EVu0VjGwo0eQ2k1XgM36nP7yt1__jGN5eu3bJ3REeSU4_TB7aXrt8XECnC83JXpdmQTCQCPYuipdg%3D%3D] Treasury's transition team and helped shape the tax policies in Trump's tax and spending package signed last month.

Treasury did not immediately respond to Seeking Alpha's request for comment.

DEAR READERS: We recognize that politics often intersects with the financial news of the day, so we invite you to click here [https://seekingalpha.com/article/4802973-politics-and-the-markets-082225] to join the separate political discussion.

MORE ON THE U.S. ECONOMY

* U.S. Economy: Recent Data Suggests Risk To Earnings [https://seekingalpha.com/article/4815960-us-economy-recent-data-suggests-risk-to-earnings]
* The Greenback Is Firm Ahead Of Powell's Jackson Hole Speech [https://seekingalpha.com/article/4815946-the-greenback-is-firm-ahead-of-powells-jackson-hole-speech]
* Preliminary August PMI Shows Many Are Coping With U.S. Shock [https://seekingalpha.com/article/4815594-preliminary-august-pmi-shows-many-coping-us-shock]
* Why tariff costs have not hit shoppers' wallets — yet [https://seekingalpha.com/news/4487918-why-tariff-costs-have-not-hit-shoppers-wallets-yet]
* Former Bridgewater CIO says Fed rate cuts won’t necessarily boost housing market [https://seekingalpha.com/news/4487099-former-bridgewater-cio-says-fed-rate-cuts-won-t-necessarily-boost-housing-market]