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.
“Secretary Mnuchin offers Jim his support and friendship as he focuses his attention on his family,” Assistant Secretary of the Treasury 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There have been a number of people who have withdrawn from consideration for top jobs following their selection by Trump.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 Mnuchin is the department’s only Senate-confirmed appointee. Treasury officials are working on an overhaul of the tax code and a review of financial regulations, and they also are trying to get Congress to raise or suspend the debt ceiling.