J. David Ake, Associated Press
In this Oct. 16, 2013, file photo, a jogger on an early morning run passes the U.S Treasury Building in Washington

WASHINGTON — A Wall Street banker nominated by President Barack Obama to be the third-ranking official at the Treasury Department has pulled out of contention for the post in the face of Democratic opposition.

The White House says Antonio Weiss asked Obama not to resubmit his nomination to the Senate. Instead, Weiss will serve as a counselor to Treasury Secretary jack Lew, a post that does not require Senate confirmation.

Weiss is a Lazard investment banker. Obama nominated him to head the Treasury Department office that oversees domestic finance.

Weiss' leading critic in the Senate has been Democratic Sen. Elizabeth Warren of Massachusetts. Other Democrats in the Senate have also voiced their opposition.

The withdrawal was first reported by Politico.