With Secretary of the Treasury Steve Mnuchin now in place, the Trump Administration is now asking the Senate to fill remaining vacancies at the agency. Among them is James Donovan, a managing director at Goldman Sachs and an adjunct professor at the University of Virginia School of Law, as deputy Treasury secretary.
Mnuchin was also a Goldman Sachs executive before joining the administration.
Donovan, according to his biography, is responsible for advising many of the largest corporate and individual clients of Goldman Sachs. He joined Goldman Sachs in 1993 and was named a partner in 2000. During his career at the firm, he has worked in investment banking, investment management, and on corporate strategy for the firm.
Donavan served on the board of the Goldman Sachs Philanthropy Fund from 2002 to 2006.
His responsibilities at Goldman have included: head of Strategic Lead Management, co-head of Investment Management Services, head of The Client Experience Task Force, member of the Private Wealth Management Operating Committee and chairman of Investment Management Division Labs.
The nomination will require Senate confirmation.
Other pending nominees for the Treasury Department include: Andrew Maloney, vice president of government affairs for Hess Corp., as the deputy undersecretary for legislative affairs; former Bear Stearns Chief Economist David Malpass as undersecretary for international affairs; Sigal Mandelker, a former Justice Department official, as undersecretary for terrorism and financial intelligence; Adam Lerrick, an economist and a visiting scholar at the American Enterprise Institute, as deputy undersecretary for international finance; and Brent McIntosh, who served as counsel for President George W. Bush White, as general counsel.
The nomination of Donovan as deputy secretary of the Treasury under Mnuchin is expected to draw opposition from Senate Democrats, even as they lack the needed votes to stop it.
Allied Progress, a nationwide, progressive advocacy organization, is also on the attack. “President Trump should give candidate Trump a call if he’s going to keep bringing Goldman Sachs executives into his administration,” Executive Director Karl Frisch said in a statement. “By handing over our economy to Goldman Sachs, Trump continues to betray working class Americans who took him at his word when he promised to ‘drain the swamp’ and rid Washington of the influence of powerful special interests.”
On the campaign trail, candidate Trump relentlessly attacked Goldman Sachs, claiming the bank had gained “total, total control” over his political opponents,” Frisch added. “But now Goldman Sachs alumni have been handed ‘total control’ over key economic posts in President Trump’s administration. From Treasury Secretary Steven Mnuchin, to National Economic Council Chair Gary Cohn and Chief Strategist Steve Bannon, to SEC Chair Jay Clayton, and other senior roles, Trump has surrounded himself with the same Wall Street insiders that he derided during the campaign and that have profited off the financial devastation of millions of Americans.”