Faulkender leaving Treasury Department

Deputy Treasury Secretary Michael Faulkender is leaving the Treasury Department, according to media reports.

Report: The Wall Street Journal reported that Treasury Secretary Scott Bessent thanked Faulkender for his dedication and service, citing his work on economic sanctions as well as tax and digital assets legislation signed into law this year.

Impact on Tax Policies: Speaking at the ICBA Capital Summit earlier this year, Faulkender discussed pro-community bank tax policies included in the One Big Beautiful Bill, which was advancing in Congress at the time. The law includes several ICBA-advocated provisions, including making permanent the Section 199A deduction to support Subchapter S community banks and an ACRE Act policy providing interest rate relief for U.S. farmers and ranchers.

ICBA Support: In a letter to Congress supporting Faulkender’s nomination earlier this year, ICBA noted that he played a key role in the design and implementation of the Paycheck Protection Program, which helped community banks support their communities during the pandemic of 2020.