Another Top Treasury Deputy Pick Withdraws Bid

Treasury Secretary Timothy Geithner lost his second top deputy pick in as many weeks to the Obama administration's vetting process, a source told FOX News on Thursday.

A senior Senate Democratic aide told FOX News that H. Rodgin Cohen, a partner in the New York law firm Sullivan & Cromwell, has withdrawn from consideration.

ABC News first reported that Cohen dropped his bid after an issue arose in the final stages of the vetting process.

Cohen became the top contender for the post after the withdrawal last week of Annette Nazareth.

Cohen's withdrawal from consideration is the latest setback for the agency as it confronts the worst financial crisis in decades.

Critics argue that Geithner lacks the senior staff he needs to make critical decisions about the financial crisis. Not one of his 17 deputies has been confirmed.

Without senior leadership, lower-level Treasury employees can't make decisions or represent the government in crucial conversations with banks and others.

Last week, Annette Nazareth, a former senior staffer and commissioner with the Securities and Exchange Commission, withdrew after several interviews and vetting of her financial history, a person familiar with Nazareth's decision told the AP.

The Associated Press contributed to this report.