Washington DC - The US Treasury Department's second-in-command is leaving his position five months after being confirmed by the Senate, the agency said Friday.

It did not provide a reason for Michael Faulkender's departure, which comes shortly after another Senate-confirmed official – Internal Revenue Service Commissioner Billy Long – left the department.

Faulkender, who was confirmed to his Treasury role in March, was formerly a professor at the University of Maryland and worked in President Donald Trump's first administration as well.

As deputy treasury secretary, he oversaw the formulation and implementation of Treasury policies.

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In a statement, Treasury Secretary Scott Bessent thanked Faulkender "for his dedication and service."

Bessent cited Faulkender's "critical role" in overseeing the Treasury Department's operations and "executing on President Trump's bold economic agenda."

"His important work has supported the passage of the historic One Big Beautiful Bill and GENIUS Act, and the leveling of sanctions against our adversaries," Bessent added.

The Treasury chief was referring to Trump's flagship tax and spending bill, as well as a cryptocurrency bill that codifies the use of stablecoins – cryptocurrencies pegged to stable assets like the US dollar or US bonds.

During the first Trump administration, Faulkender served as assistant secretary for economic policy, advising the Treasury chief on domestic and international economic issues.

Bessent is also serving as acting commissioner at the IRS, after Long's departure.