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