President Donald Trump’s nominee for Navy secretary, Philip Bilden, will not continue with plans to become the next confirmed member of Donald Trump’s executive team.
In a public statementn he said a note was sent to Defense Secretary James Mattis, in which he withdrew the possibility of accepting the key military position.
In the statement Bilden, a financier, cited his financial holdings as the reason for his decision.
“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.”
Bilden, a co-founder of a global equity investment management firm, recently retired from his day job.
Bilden is the second service secretary nominee to withdraw from consideration. His decision follows Army secretary nominee Vincent Viola who withdrew earlier this month.
Viola said disengaging from his own business ties would also prove hard and would likely violate ethics considerations.
In the meantime, Donald Trump continues to remain the owner of his numerous global business interests.
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James Kosur is the former Editor-In-Chief and co-founder of Hill Reporter. He recently served as an editor for Business Insider and various other publications. James and his partners sold Hill Reporter to a new owner in July 2019.