Trump Pick for Treasury Department No. 2 Is Dropping Out -- 2nd Update

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.

Write to Ryan Tracy at

(END) Dow Jones Newswires

May 19, 2017 16:10 ET (20:10 GMT)