Treasury’s No 2 out: Michael Faulkender quits in 5 months; second top exit in a month

Michael Faulkender is stepping down as US Treasury Department's deputy secretary after less than five months in the role. Treasury Secretary Scott Bessent praised Faulkender's contributions to the "One Big Beautiful Bill" and the "GENIUS Act," as well as his work on sanctions. His departure follows that of IRS chief Billy Long, marking recent leadership changes within the department.