Trump Nominee for Treasury Dept. Drops Out

Goldman Sachs partner and managing director Jim Donovan has withdrawn his name from consideration to be the next deputy Treasury secretary.

According to Politico, Donovan told the White House he could not take the job, citing family concerns. He was expected to play a critical role in helping shape the Tump administration’s tax reform policy.

Donovan issued the following statement:

“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 U.S. economy.”

Treasury spokesman Tony Sayegh said on Friday:

“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. He appreciates Jim’s continued support of the President and his administration.”

Donovan served as one of the top GOP fundraisers for Mitt Romney in 2012 and as an adviser to Jeb Bush in 2016. He also held various roles in investment banking and investment management divisions at Goldman Sachs since 1993.

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