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U.S. Deputy Treasury Secretary Michael Falkender to Step Down After Five Months

Michael Faulkender will leave his position as U.S. Treasury Deputy Secretary less than five months after Senate confirmation, having briefly served as the IRS acting commissioner during a leadership shake-up.

Summary

Michael Faulkender, U.S. Treasury Deputy Secretary, will step down less than five months after Senate confirmation. Faulkender previously played a key role in tax policy development for the Trump administration’s tax and spending legislation and briefly served as IRS acting commissioner.

Terms & Concepts
  • Tax Policy: Governmental guidelines and rules regarding taxation, including design, collection, and allocation of taxes.
  • Senate Confirmation: The process by which the U.S. Senate approves presidential appointments to high-level government positions.
  • Trump Administration’s Tax and Spending Bill: Legislation enacted under President Donald Trump that reformed U.S. tax laws and influenced government spending.