Thursday Sep 20, 201204:21 PM GMT
Pawlenty parts with Romney to head lobbying group
Thu Sep 20, 2012 4:19PM
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Onetime Republican presidential hopeful Tim Pawlenty


Former Minnesota governor Tim Pawlenty is resigning as a national co-chairman of Mitt Romney's presidential campaign in order to work as a lobbyist for the financial services industry.


The Financial Services Roundtable announced on Thursday that Pawlenty will become its new president and chief executive officer on November 1.


Pawlenty was an early entrant in the Republican presidential campaign, but he ended his bid last year amid poor polling before the primaries began. He was often mentioned as a potential running mate for Romney and has campaigned across the country for him.


The Financial Services Roundtable said in a press release that Pawlenty was stepping down from the campaign because the group is a bipartisan organization. The Guardian




Pawlenty joined the Romney campaign in September 2011 after abandoning his own White House bid, following a poor showing in the Iowa straw poll a month earlier. He was considered a possible running mate for Romney before the GOP nominee tapped Representative Paul Ryan of Wisconsin.


Pawlenty, the former Minnesota governor who was on the short list of candidates to be Mitt Romney’s vice presidential running mate, will replace Steve Bartlett, who earlier this year announced he was stepping down from his post as the group’s president and chief executive officer. Bartlett is a former member of Congress and mayor of Dallas. Pawlenty will take over effective Nov. 1. Politico


The Roundtable is one of a handful of Washington groups, including the American Bankers Association and the Securities Industry and Financial Markets Association, that are lobbying financial regulators as they implement the 2010 Dodd-Frank Wall Street reform law. Politico


Pawlenty takes the lead of the Roundtable at a time when Wall Street’s reputation is at a low point. The financial crisis made big banks a pejorative, and a run of banking scandals, such as multibillion-dollar losses on a complex trade at JPMorgan, have kept the industry on the defensive. The Hill


Among the Roundtable’s members are JPMorgan Chase and Co. and Citigroup Inc. Politico


The Roundtable does not favor repealing the Dodd-Frank law, but wants to protect the industry from a slew of rules that they say could hamstring their businesses. The Hill


The Dodd-Frank Financial Regulatory Reform Bill was named after Senator Christopher J. Dodd and U.S. Representative Barney Frank. It restricts the types of proprietary trading activities that financial institutions will be allowed to practice. The Dodd-Frank Financial Regulatory Reform Bill was passed with the intent of preventing the collapse of major financial institutions such as Lehman Brothers from happening again.



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