Photographer: Joshua Roberts/Bloomberg

Trump Nominates Goldman's Donovan as Deputy Treasury Secretary

  • Nominee was managing director in private wealth management
  • Donovan’s appointment must be confirmed by U.S. Senate

U.S. President Donald Trump said he intends to nominate Jim Donovan, a Goldman Sachs banker, as deputy secretary of the Treasury.

Donovan most recently was a managing director at the bank’s private wealth management division and has been at Goldman since 1993. He would be subject to Senate confirmation. At Treasury, Donovan would join the effort to execute the extensive economic policy agenda that the new administration has promised. Trump has vowed to cut regulations and taxes with the goal of unlocking economic growth.

While Trump repeatedly attacked Goldman Sachs’s government influence during his campaign, he’s tapped a number of high-ranking personnel from the bank to serve in his administration. Besides Steven Mnuchin, Trump’s Treasury secretary, former Goldman officials working for the new administration include former President Gary Cohn, now director of the National Economic Council; Stephen Bannon, the chief White House strategist; and Dina Powell, formerly the bank’s head of philanthropic investment, who’s an assistant to the president and senior counselor for economic initiatives.

"Jim is smart, extremely versatile and as hard working as they come. He will be an invaluable asset to the economic team," said Goldman spokesman Andrew Williams.

David Malpass, who has served in two Republican administrations, was nominated as undersecretary for international affairs. His background in a high-profile job at the now-defunct Bear Stearns could attract criticism from congressional Democrats. The year before his employer’s demise, Malpass penned a column in the Wall Street Journal where he downplayed “housing- and debt-market corrections,” which he said would probably help with economic growth.

Trump also picked Adam Lerrick, a visiting scholar at the American Enterprise Institute, and former adviser on international economic policy to the Joint Economic Committee of Congress, as deputy undersecretary for international finance.

Other nominees in Treasury roles include Sigal Mandelker, a partner at the New York law firm of Proskauer Rose LLP, chosen to serve as undersecretary of the Treasury for Terrorism and Financial Intelligence; Brent James McIntosh, selected as Treasury’s general counsel; and Andrew K. ”Drew“ Maloney, vice president of Global Government and External Affairs at Hess Corp. Maloney will serve as deputy undersecretary of the Treasury for Legislative Affairs and upon confirmation will become an assistant secretary of the Treasury Legislative Affairs, according to the White House statement.

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