Published: Sat, May 20, 2017
Business | By Max Garcia

Trump's pick for deputy treasury secretary withdraws

Trump's pick for deputy treasury secretary withdraws

In a statement included in Politico's report, Donovan said he was "deeply honored" by the nomination but wanted to focus on his family.

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. "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 USA economy". The White House has named several other top nominees for senior Treasury jobs, but they have not yet had hearings in the Senate.

"I hope to be able to serve this administration in the future", he added.

The departure is a setback for Mnuchin's effort to handle an ambitious agenda including an historic tax overhaul this year, de-regulation of the financial industry and reform of the housing finance system.

James Donovan, President Trump's pick to be the second-in-command at the Treasury Department, is withdrawing from consideration, senior administration officials said Friday. GE Capital executive David Nason took his name out of the running for a top regulatory post at the Federal Reserve in March. While in public forums Mnuchin often heaps praise on career Treasury staffers, he's had to rely on counselors who don't require Senate confirmation to step into senior positions. So far, he's nominated 10 people, including Mnuchin and Donovan.

Among his nominees to Treasury are economist Adam Lerrick for deputy under secretary for global finance and former Bear Stearns chief economist David Malpass to be undersecretary for worldwide affairs.

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