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. 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. 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’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. [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. 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 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.
Goldman Sachs banker Jim Donovan withdraws from consideration as Deputy Treasury Secretary in order to have time for his family.