Back in June, President Donald Trump chose James Clinger to head the Federal Deposit Insurance Corporation. Today, Clinger announced that he is withdrawing his name from consideration.
Clinger, a longtime Republican staff member of the House Financial Services Committee, asked to be removed as Trump’s pick to head the U.S. bank regulator due to family-related issues.
In a prepared statement, Clinger said: “It is… with a sense of regret that I have asked the White House to withdraw my nomination. I did so after concluding that the family-related obligations that prompted me to leave government service earlier this year – which has grown more challenging in the interim – are incompatible with the demands of leading an important federal agency like the FDIC.”
This withdrawal is significant as it puts the Trump administration one step behind in their plan to ease rules on the banking sector in order to drive economic growth. However, Clinger isn’t the first nominee to cite family-related issues in dropping out. For instance, Jim Donovan, an executive for Goldman Sachs (NYSE:$GS), was being considered for the number-two spot at the Treasury, but he withdrew his name in May.
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