CHICAGO _ Todd Ricketts, part of the billionaire family that owns the Chicago Cubs, intends to remove his name from consideration for deputy commerce secretary after concluding his family's business interests posed too many potential conflicts of interest, a spokesman for the family said.
Ricketts, who spent more than four months trying to work out his nomination, told President Donald Trump of his decision Wednesday.
"Mr. Ricketts has informed President Trump that he will be unable to serve as Deputy Secretary of Commerce," a statement from Ricketts' spokesman said. "The scope of issues that face the Department of Commerce is very broad, and these issues potentially could touch many of Mr. Ricketts' family's current financial interests."
Those interests include the Chicago Cubs and TD Ameritrade, the online brokerage that Ricketts' father, Joe, co-founded and built.
"Mr. Ricketts is mindful of his obligation to avoid even the appearance of conflict and therefore decided not to pursue this opportunity at the Department of Commerce," the statement said.
Former Commerce Secretary Bill Daley said the decision reflects a high sensitivity on the part of the Ricketts family, which he finds commendable in an administration where "some of the individuals have taken a pretty aggressive attitude about no conflicts."
"The deputy secretary has to be able to deal with very broad subjects _ it's hard to slice and dice, and say I'm not going to be involved in the heart of what Commerce is about _ helping businesses and promoting, and policywise," said Daley, who served under former President Bill Clinton.
Ricketts would have needed Senate approval to take the job, but his nomination never advanced to a confirmation hearing before the Senate Commerce Committee.
On Jan. 3, Sen. Bill Nelson of Florida, the top Democrat on the GOP-led committee, sent a letter with pre-hearing questions to Ricketts.
The senator asked Ricketts to respond by Jan. 9 but never heard back, his spokesman, Bryan Gulley, said Wednesday. Ricketts' name will not be formally withdrawn until the Senate returns next week, a White House aide said. The Commerce Department declined to comment.
Ricketts, a longtime GOP backer who threw his support behind Trump, would have served under Wilbur Ross Jr., a billionaire himself who pledged during his confirmation process to resign from a host of corporate positions and divest some of his vast holdings.
But Ricketts found the requirements to take the position too difficult to meet. His most prominent holding is his stake in the Cubs, which his family bought in 2009 from Tribune Co. Todd Ricketts serves on the board along with siblings Tom, the chairman; Pete; and Laura.
