President Trump and Steven Mnuchin, U.S. treasury secretary, walk down the hall of the Treasury Department.
The Trump administration has been wary of recruiting too many former Goldman Sachs alumni for higher-up positions.
The announcement comes two months after the administration announced Donovan’s selection.
Treasury Secretary Steven Mnuchin’s efforts to fill out the top ranks of the department were dealt a setback as a Goldman Sachs Group Inc. banker withdrew from consideration to serve as his deputy. Donovan helped Treasury Secretary Steven Mnuchin recruit senior officials and he’s now shifting his focus to family, the department’s spokesman Tony Sayegh said in an emailed statement on Friday. In a statement included in Politico’s report, Donovan said he was “deeply honored” by the nomination but wanted to focus on his family.
Mnuchin has been in office since February with most key senior-level Treasury positions unfilled, including undersecretaries for domestic finance and global affairs. “He appreciates Jim’s continued support of the President and his administration”.
The Trump Administration’s nominee for the No. 2 spot at the Treasure Department is dropping out.
Donovan told the White House this week he was unable to take the job because of family matters.
The president has to name 28 individuals to top posts at the Treasury Department, all of whom will require Senate confirmation. Treasury officials are working on an overhaul of the tax code, a review of financial regulations, and they are also trying to urge Congress to raise or suspend the debt ceiling.