WASHINGTON — Goldman Sachs banker James Donovan has dropped out of the running for deputy Treasury secretary. Donovan was nominated in March to become Treasury Secretary Steven Mnuchin's right-hand man.

But he withdrew his name as nominee this week over family concerns, he said in a press release. The news was first reported by Politico. </s> Jim Donovan, a Goldman Sachs executive, has withdrawn his name from consideration for Deputy Treasury Secretary, according to Politico's Ben White.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. </s> Goldman Sachs Group Inc banker James Donovan who was nominated by U.S. President Donald Trump as deputy Treasury secretary, has withdrawn his name, according to a person familiar with the matter.

Donovan will return to Goldman, the person added, asking not to be named because the matter is private. He withdrew from the position for personal reasons, the person said.

Donovan could not be reached immediately for comment but a Treasury Department official confirmed he was withdrawing.

“Secretary (Steven) Mnuchin offers Jim his support and friendship as he focuses his attention on his family,” Treasury Assistant Secretary of Public Affairs Tony Sayegh said in a statement. “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 joined Goldman in 1993 and has worked in investment banking, investment management and corporate strategy since then.

Donovan has given a lot of money to Republican candidates over the years, including his longtime client Mitt Romney who ran for president in 2012.

He is just one of several Goldman executives who were tapped for positions in the Trump administration, including top economic advisor Gary Cohn. </s> WASHINGTON (AP) — President Donald Trump’s choice to be deputy treasury secretary, bank executive Jim Donovan, is withdrawing from consideration to be second in command to Treasury Secretary Steve Mnuchin.

Treasury spokesman Tony Sayegh says Donovan withdrew to focus “his attention on his family.”

Sayegh said in a statement Friday: “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 managing director at Goldman Sachs and an adjunct professor at the University of Virginia School of Law. He would have helped Mnuchin, who also once worked at Goldman Sachs, in the administration’s push to overhaul taxes and crack down on terrorist financing. </s> Jim Donovan is dropping out as President Donald Trump's nominee to serve as deputy Treasury secretary.

The Goldman Sachs executive, nominated in March to serve as Treasury Secretary Steven Mnuchin's No. 2, informed the White House this week that he could not take the job due to family concerns. He was expected to play a critical role in helping shape the administration's tax reform policy through Capitol Hill.

"I am deeply honored by President Trump's decision to nominate me as Deputy Secretary of the U.S. Department of the Treasury," Donovan said in a statement. "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."

Donovan's departure will come as the administration struggles to push the focus back to its major policy initiatives and away from a series of revelations about the administration and Russia.

"Secretary Mnuchin offers Jim his support and friendship as he focuses his attention on his family," Treasury spokesman Tony Sayegh said in a statement Friday. "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, a Goldman partner and managing director, is close to Mitt Romney and served as one of the 2012 GOP nominee's top fundraisers. He was also a top fundraiser and economic adviser for Jeb Bush in the 2016 campaign. He joined Goldman in 1993 and covered major clients in both investment banking and investment management.

—Ben White is Politico's chief economic correspondent and a CNBC contributor. He also authors the daily tip sheet Politico Morning Money [politico.com/morningmoney]. Follow him on Twitter @morningmoneyben. </s> Donovan dropping out as Trump's nominee for deputy Treasury secretary

NEW YORK — Jim Donovan is dropping out as President Donald Trump’s nominee to serve as deputy Treasury secretary.

The Goldman Sachs executive, nominated in March to serve as Treasury Secretary Steven Mnuchin’s No. 2, informed the White House this week that he could not take the job due to family concerns. He was expected to play a critical role in helping shape the administration’s tax reform policy through Capitol Hill.

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"I am deeply honored by President Trump's decision to nominate me as Deputy Secretary of the U.S. Department of the Treasury,” Donovan said in a statement. “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.”

Donovan’s departure will come as the administration struggles to push the focus back to its major policy initiatives and away from a series of revelations about the administration and Russia.

“Secretary Mnuchin offers Jim his support and friendship as he focuses his attention on his family,” Treasury spokesman Tony Sayegh said in a statement Friday. “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.”

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Donovan, a Goldman partner and managing director, is close to Mitt Romney and served as one of the 2012 GOP nominee’s top fundraisers. He was also a top fundraiser and economic adviser for Jeb Bush in the 2016 campaign. He joined Goldman in 1993 and covered major clients in both investment banking and investment management.

Donovan’s loss will be keenly felt inside the Treasury building, since he helped hire all of the political appointees. He was also seen throughout Washington as one of the administration's incoming “grown-ups” meant to bring order and management skills to the department's staff, many of whom have no government or economic policy expertise, said one lobbyist close to the administration.

“His job was going to involve breaking down the secrecy and walls currently in place in the building and to help forge a team that could advocate for the best policies,” the lobbyist added.

Mnuchin now must fill his slot, as well as the key position of the undersecretary for domestic finance, at a time when the administration is weighed down by multiple investigations and scandals.

Nancy Cook contributed to this report. </s> The Trump Administration's nominee for the No. 2 spot at the Treasure Department is dropping out.

James Donovan, a private banker at Goldman Sachs Group Inc., had been nominated for the post of deputy Treasury secretary.

The department continues to operate with few Senate-confirmed appointees for senior positions.

It wasn't immediately clear why the decision was made. A Treasury spokesman said in a statement that Treasury Secretary Steven 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," the statement also said.

WASHINGTON -- The Trump Administration's nominee for the No. 2 spot at the Treasury Department is dropping out.

James Donovan, a private banker at Goldman Sachs Group Inc., had been nominated for the post of deputy Treasury secretary.

The department continues to operate with few Senate-confirmed appointees for senior positions.

It wasn't immediately clear why the decision was made. A Treasury spokesman said in a statement that Treasury Secretary Steven 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," the statement also said.

Mr. Donovan in a written statement said: "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," he added. </s> 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.

The announcement comes two months after the administration announced Donovan's selection.

Donovan, in a statement, said "at this time I want to focus on my family, and I can no longer accept" the job. "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.”

Donovan is a longtime Goldman Sachs executive who was slated to join several other Goldman veterans in the Trump administration and serve as Treasury’s deputy secretary.

[Trump picks another Goldman banker for senior post, in sharp break from campaign bashing]

“Secretary Mnuchin offers Jim his support and friendship as he focuses his attention on his family,” Treasury assistant secretary Tony 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.”

There have been a number of people who have withdrawn from consideration for top jobs following their selection by Trump. Many departments — including Treasury — are missing top political appointees four months into the administration. The White House has named several other top nominees for senior Treasury jobs, but they have not yet had hearings in the Senate.

The White House has blamed Senate Democrats for what they allege is slow-walking confirmation hearings, but Democrats have said the White House simply hasn’t submitted paperwork or, in some cases, even made the picks.

The Treasury Department has a huge workload, and Treasury Secretary Steven Mnuchin is the only Senate-confirmed appointee. 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. </s> WASHINGTON (REUTERS) - The US Senate on Monday (Feb 13) voted to confirm former Goldman Sachs banker Steven Mnuchin as Treasury secretary, installing the Trump administration's pointman on tax reform, financial deregulation and economic diplomacy efforts.

The Senate voted 53-47 in a largely party-line vote to approve the nomination. Senator Joe Manchin of West Virginia was the only Democrat to vote in favour of Mr Mnuchin.
Goldman Sachs banker Jim Donovan withdraws from consideration as Deputy Treasury Secretary in order to have time for his family.