Jim Donovan, the former Goldman Sachs banker tapped by US President Donald Trump to serve as deputy treasury secretary, has withdrawn his name from consideration, the latest setback for the White House’s efforts to fill critical high-level posts in a week already packed with political drama.
Mr Donovan said in a statement:
“I am deeply honored by President Trump’s decision to nominate me as Deputy Secretary of the US Department of the Treasury. However, at this time I want to focus on my family, and I can no longer accept it. I hope to be able to serve this administration in the future and fully support President Trump and Secretary Steven Mnuchin’s ongoing work to reform the tax system and grow the US economy.”
The deputy post is the second-highest in the Treasury department, behind the secretary and fellow Goldman alum Steven Mnuchin. The news was first reported by Politico.
The Treasury department said in a statement:
“Secretary Mnuchin offers Jim his support and friendship as he focuses his attention on his family. Jim has been an enormous asset to the department helping recruit and fill many of the senior jobs at Treasury. The Secretary appreciates Jim’s continued support of the President and his administration.”
Mr Donovan’s nomination papers had only this week been sent to the Senate, which has to confirm top appointees to government departments. His withdrawal leaves a hole in the Treasury lineup at a time when there are already a number of senior vacancies that need to be filled.
The department is attempting to execute on a packed agenda including tax and regulatory reform, as well as initiatives including the potential issuance of long-dated government bonds of 50 years or more.