The Goldman Sachs executive picked to be Trump's Deputy Treasury Secretary has dropped out

Business Insider | May 20, 2017, 12.36AM IST

steven mnuchin donald trump

Reuters/Kevin Lamarque

U.S. Treasury Secretary Steve Mnuchin (R) listens to U.S. President Donald Trump speak during a "strategic initiatives" lunch at the White House in Washington, U.S., February 22, 2017.

Jim Donovan, a Goldman Sachs executive, has withdrawn his name from consideration for Deputy Treasury Secretary, according to Politico's Ben White.

Donovan was nominated on March 14 and was one of a handful of Goldman alums named to administration positions, including Treasury Secretary Steven Mnuchin and National Economic Council director Gary Cohn.

According to Politico, Donovan told the White House he was removing his name from consideration this week due to family concerns. Donovan provided a statement to Politico:

"I am deeply honored by President Trump's decision to nominate me as Deputy Secretary of the U.S. 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."

Donovan is a long-time GOP fundraiser, helping to gather donations for Mitt Romney in 2012 and Jeb Bush in 2016.

At Goldman, Donovan has held various roles in the investment banking and investment management divisons.

The Treasury Department did not immediately respond to a request for comment from Business Insider. This article will be updated if they respond.

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