Less than five months after taking office, the Deputy Secretary of the US Treasury Department will resign.

Michael Faulkner, Deputy Secretary of the US Treasury Department, will resign, less than five months after receiving approval from the Senate. "I want to thank Deputy Secretary Faulkner for his dedication and service. Since January of this year, he has played a key role in overseeing the operation of the US Treasury Department and advancing President Trump's bold economic agenda," US Treasury Secretary Besent said in a statement confirming Faulkner's departure on Friday. Besent added, "His important work has contributed to the historic passage of the 'Big and Beautiful Act' and the 'GENIUS Act,' as well as support for the implementation of sanctions." A US Treasury Department spokesperson did not immediately provide more details on Faulkner's departure. Two anonymous sources familiar with the matter confirmed his resignation.