Bessent taps Derek Theurer for deputy secretary duties at Treasury

Treasury Secretary Scott Bessent said Derek Theurer would perform the duties of deputy Treasury secretary, in a statement Tuesday.

Theurer, who joined the department in January, worked on global tax issues and helped to pass President Donald Trump’s tax cut legislation this summer, according to a statement from the department. In March, he was nominated to be deputy undersecretary of the Treasury for legislative affairs.

Former Deputy Secretary Michael Faulkender left the department in August after just five months on the job. His departure came amid a period of internal upheaval at the department, with IRS Commissioner Billy Long leaving the agency as Trump tapped him to be the ambassador to Iceland.

Bessent has been serving as the commissioner of the IRS since Long’s departure. Yesterday, he named Frank Bisignano to a newly created position as CEO of the IRS. 

Theurer’s “deep policy acumen and legislative expertise, as well as years of operational experience make him the ideal person to perform the duties of” deputy secretary, Bessent said.