President Trump’s choice for secretary of the Navy has withdrawn his name from consideration, according to multiple reports.

Philip Bilden, an international financier, withdrew his name from consideration on Sunday due to his complicated financial situation. According to United States Naval Institute News, Bilden’s extensive holdings in Hong Kong wouldn’t live up to government ethics standards.

The White House was expected to formally announce the news later on Sunday evening.

Bilden was nominated to serve as secretary of the Navy on Jan. 25. He formerly served as an intelligence officer in the Army Reserves from 1986 to 1996, according to USNI News.

One of Bilden’s sons graduated from the Naval Academy and another is currently attending school there, USNI News reported. He’s was on the board of directors of the United States Naval Academy Foundation and the Naval War College Foundation’s board of trustees.

The report indicated former congressman Randy Forbes may be next in line for the post.

It’s the second time a Trump pick to lead one of the branches of the military has had to withdraw his name due to complicated finances.

Vincent Viola was Trump’s initial pick to be secretary of the Army but withdrew over concerns about his complicated financial holdings and if he could clear government ethics standards.

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