President Trump's nominee to chair the Federal Deposit Insurance Corporation, which plays a key role overseeing banks, has withdrawn his name from consideration.

Former Republican staffer James Clinger won't go through the nominations process, a White House representative said Wednesday afternoon. Politico first reported that Clinger would back out for family reasons.

Clinger, who served a number of GOP chairmen on the House Financial Services Committee, is viewed as a consummate professional by banks.

He isn't the first nominee for a high-ranking financial post to cite family concerns in dropping out. Jim Donovan, a Goldman Sachs executive being considered for the number-two spot at the Treasury, did the same in May.

The FDIC is responsible for maintaining the federal system of insurance for bank deposits. It is responsible for reorganizing failed banks to protect depositors, and under the 2010 Dodd-Frank financial reform law would be in charge of safely shuttering a big bank if one were to fail and need government assistance.