President Donald Trump's nominee to be secretary of the Navy, Philip Bilden, withdrew from consideration Sunday.
In a statement, Bilden said he supports Trump's agenda:
"However, after an extensive review process, I have determined that I will not be able to satisfy the Office of Government Ethics requirements without undue disruption and materially adverse divestment of my family's private financial interests."
Defense Secretary James Mattis said in a statement:
"This was a personal decision driven by privacy concerns and significant challenges he faced in separating himself from his business interests. While I am disappointed, I understand and respect his decision, and know that he will continue to support our nation in other ways."
Trump nominated Bilden on January 25. In a statement announcing Bilden's nomination, the White House said:
"After 25 years, Mr. Bilden recently retired as a co-founding member and Senior Advisor of HarbourVest Partners, LLC, a leading global private equity investment management firm with institutional assets under management currently in excess of $42 billion."
Bilden had spent the past two decades living in Hong Kong.
Trump's nominee for secretary of the Army, Vincent Viola, also withdrew from consideration because of his financial interests.