Jim Donovan, a long-time Goldman Sachs executive, was nominated in March to be the right-hand man to Treasury Secretary Steven Mnuchin.
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President Trump's pick to be second-in-command of the Treasury Department is withdrawing from consideration, saying he can no longer accept the nomination and instead plans to "focus on his family".
"Secretary Mnuchin offers Jim his support and friendship as he focuses his attention on his family", Treasury spokesman Tony Sayegh said in a statement to Politico. "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". "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".
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At Goldman, Donovan has held various roles in the investment banking and investment management divisions.
Mnuchin has been in office since February with most key senior-level Treasury positions unfilled, including undersecretaries for domestic finance and global affairs.
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.