James Donovan Backs Out as Nominee for No. 2 Treasury Job

James Donovan Backs Out as Nominee for No. 2 Treasury Job

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It also means that Goldman Sachs — derided by some as “Government Sachs” — will have less of a presence in Washington, even as high-ranking officials like Gary Cohn, director of the National Economic Council, and Dina Powell, a deputy national security adviser for strategy, remain.

James Donovan, a Goldman Sachs executive, is withdrawing from consideration to be deputy Treasury Secretary.

Mr. Mnuchin, who would have been Mr. Donovan’s boss, is also a former Goldman executive. He was the partner in charge of information technology until 2002, when he left the firm.

Mr. Donovan was winding his way through the Senate confirmation process. While the Treasury has vast ranks of career staff and a handful of senior advisers, including at least two Wall Street veterans, with the title “counselor,” Mr. Mnuchin is the only political appointee in place who is subject to Senate confirmation.

Tony Sayegh Jr., the Treasury’s assistant secretary of public affairs, said Mr. Donovan “has been an enormous asset to the department helping recruit and fill many of the senior jobs at Treasury.”

Mr. Donovan, who is based in the Washington area but travels regularly on client matters, has spent many hours in recent months helping the department to bolster its staff and prepare to execute Mr. Trump’s policy agenda.

In testimony on Capitol Hill this week, Mr. Mnuchin assured members of Congress that the Treasury Department was up to the task of tax reform, noting that its tax policy office has a staff of 100 crunching numbers daily.

Still, the strain the department is under was evident last month when it released Mr. Trump’s long awaited tax plan. The skeletal outline fit on one page.

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