The Goldman Sachs executive picked to be Trump's deputy treasury secretary has dropped out

pulse

May 19, 2017 8:20 PM

The Goldman executive cited family reasons for pulling out of consideration.

Treasury Secretary Steven Mnuchin.

Jim Donovan, a Goldman Sachs executive, has withdrawn his name from consideration to be deputy treasury secretary, according to Politico's Ben White.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 because of 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 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."

Tony Sayegh, a Treasury Department spokesman, told Business Insider that Donovan had been an "enormous asset" to Mnuchin since he was nominated but that the secretary understood his decision.

"Secretary Mnuchin offers Jim his support and friendship as he focuses his attention on his family," Sayegh said. "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."

Donovan is a longtime GOP fund-raiser, helping to gather donations for presidential candidates Mitt Romney in 2012 and Jeb Bush in 2016.

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

pulse