Former Minnesota Governor and 2012 presidential candidate Tim Pawlenty has stepped down as co-chairman of the Mitt Romney campaign. He is now the president and CEO of Financial Services Roundtable (FSR), a finance lobbying firm.
It was announced in a press release Thursday that Pawlenty will fill one of the most prominent positions on K Street. The former Republican Minnesota Governor will take over longtime CEO Steve Bartlett, who confirmed his official retirement earlier this year. Pawlenty begins his role effective Nov. 1, 2012.
Financial Services Roundtable is a major Wall Street lobbying company located in Washington and was formed in 2000. The group focuses on financial services legislation, reducing the budget deficit and regulatory issues. Some of the bills and subjects it deals with include Dodd-Frank Improvement Acts, cybersecurity, corporate Tax reform and insurance reform.
“I’m excited about this new challenge. Few industries have more impact on the entire economy – and on the lives of average Americans – than financial services,” said the former co-chairman of Mitt Romney’s national campaign in the media release.
“I realize there is still work to be done to continue to earn customers’ confidence. Our members will best accomplish that goal by responsibly investing every day in our communities and job creators. I look forward to working closely with decision makers from both parties on issues related to our banks, insurance companies and investment firms so that they can continue to provide fuel for America’s economic engine.”
New Hampshire Republican Senator Judd Gregg, Arkansas Democratic Senator Blanche Lincoln and Democratic Texas Congressman Ken Bentsen were considered to replace Bartlett, according to The Hill.
NBC News reported that Pawlenty has been seeking employment in the private sector since he dropped out of the Republican primaries. He noted that he had to resign from the Romney campaign because it’s a bipartisan job.
The former Massachusetts Governor issued a statement in which he called Pawlenty a friend and someone who gave “energy, intelligence and tireless dedication to every enterprise in which he's ever been engaged, and that certainly includes my presidential campaign.
“While I regret he cannot continue as co-chair of my campaign, his new position advancing the integrity of our financial system is vital to the future of our country," stated the two-time presidential candidate. "I congratulate him on his new position and wish him every success in carrying out his new mission.”