In a statement Bilden, a financier, cited his financial holdings as the reason, saying "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 is the second service secretary nominee to withdraw from consideration. Army secretary nominee Vincent Viola withdrew earlier this month saying he would have trouble disengaging with his business ties.
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