Former Minnesota Governor and presidential candidate Tim Pawlenty is the new CEO of the Financial Services Roundtable, a bank lobbying firm in Washington D.C., the group announced Thursday.
The Roundtable represents 100 banking, insurance and investment firms. The group lobbies against the implementation of the Dodd-Frank financial regulation law Congress passed in 2010.
Pawlenty replaces outgoing CEO Steve Bartlett, who reportedly made $1.8 million in 2010.
The new job means quitting his post as national co-chairman of Mitt Romney’s presidential campaign, Pawlenty said today.
In a Bloomberg Television interview last year before he ended his presidential run and joined Romney’s campaign, Pawlenty said his “truth message to Wall Street is going to be, ‘Get your snout out of the trough’.” ...
“Obviously, I was one of the voices saying we need to fix the problems,” Pawlenty said in an interview today. “There’s been an attempt to fix them. Now we just need to make sure they don’t overreach and stifle economic investment and job growth.”....
“We went through a big crisis, had a big reform take place,” Pawlenty said in the interview today, adding that the job now is to insist the changes don’t discourage capital deployment and employment growth. “It’s not a question of repealing Dodd-Frank. It’s a question of refining it,” he said.
The preferred way to prevent a second attempt at fixing the financial system from gaining momentum is to argue that Dodd-Frank really fixes the problem and just needs to be refined.
However, momentum for a second attempt to fix the financial system is gaining substantial momentum.
- For banks this means requiring the banks to provide ultra transparency and disclose on an ongoing basis their current global asset, liability and off-balance sheet exposure details.
- For structured finance securities this means requiring that the securities provide observable event based reporting and disclose before the beginning of the next business day an activity like a payment or default that has occurred involving the underlying collateral.