The White House said on Monday it respected Larry Lindsey's decision to withdraw from consideration as vice chair of the Federal Reserve Board.

“We respect Dr. Lindsey’s decision to withdraw his name from consideration at this time. As one of the nation’s leading economic policy experts, Dr. Lindsey has been a valuable resource to the Administration. We wish him the best in his future endeavors," said deputy White House press secretary Lindsay Walters.

 Lindsey had been considered for the role of U.S. Federal Reserve Vice Chair, CNBC reported late last year.

Lindsey, a former Federal Reserve governor, had reportedly been interested in exploring the job, CNBC reported, citing sources.