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In a victory for progressive Democrats, Treasury Department nominee Antonio Weiss has taken himself out of contention for the third-ranking spot at the agency, NBC News confirms.

Weiss's nomination to be the Under Secretary for Domestic Finance had prompted anger from progressive Democrats like Massachusetts Sen. Elizabeth Warren, who alleged that he was too close to the financial industry.

"Over the weekend, Mr. Weiss asked the White House not to re-nominate him to serve as Under Secretary for Domestic Finance at the Treasury Department," the White House said in a statement. "Mr. Weiss made the request to avoid the distraction of the lengthy confirmation process that his renomination would likely entail. "

Weiss has instead accepted a position as counselor to Treasury Secretary Jack Lew, a position that does not require confirmation by the Senate.

"I am disappointed that Antonio will not have the opportunity to serve as Under Secretary, but I understand his request not to be re-nominated," Lew said in a statement. "I continue to believe that the opposition to his nomination was not justified. Nonetheless, I am confident that he will prove himself to be a dedicated, talented, and effective public servant and that he will make an important contribution to the work we are doing to create broadly shared economic opportunity and financial stability that will be a foundation for long-term prosperity."

- Carrie Dann contributed