Goldman Sachs Executive Picked To Be Trumps Deputy

Reuters/Kevin Lamarque

steven mnuchin donald trump

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Jim Donovan, a Goldman Sachs executive, has withdrawn his name from consideration for Deputy Treasury Secretary, according to Politico’s Ben White.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

The Treasury Department spokesperson Tony Sayegh told Business Insider Donovan was an “enormous asset” to Mnuchin since he was nominated but the secretary understood his decision to leave.

“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 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.

Source: Business Insider SG