Adam Lerrick has withdrawn as President Donald Trump’s nominee for Assistant Treasury Secretary for International Finance this afternoon, after languishing for more than a year without Senate confirmation, Politico reports.
There was no immediate reasoning, however, a person familiar with the matter said Senate Finance Committee members had raised concerns about his ties to the Argentine Bond Restructuring Agency, the largest group of foreign investors in Argentina’s debt when the country defaulted.
Lerrick served as ABRA’s lead negotiator in the South American nation’s restructuring. According to Politico, the ABRA had set up a special purpose vehicle in Dublin, Ireland to hold the bonds before the restructuring, with three charitable trusts listed as its shareholders, including an Irish children’s charity.
Although he is dropping out of the confirmation process, Lerrick is still expected to become a senior adviser to Treasury Secretary Steven Mnuchin, according to NBC News.
JUST IN: Adam Lerrick, Trump nominee to be assistant secretary of Treasury for international finance, has withdrawn his nomination for the role, but is expected to be a senior adviser to Sec. Mnuchin, a Finance Cmte. Democratic aide says – @LACaldwellDC
— NBC Politics (@NBCPolitics) May 10, 2018
President Trump appears to only nominate individuals with an unethical past to serve in his administration—rather than highly qualified people with no criminal history.
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