Pawlenty to step down as national co-chair of Romney's presidential campaign to take job at bank lobbying group



Tim Pawlenty will leave the Romney campaign at critical juncture

Will step down from post Nov 1, days before election

Former Minnesota Gov and Presidential candidate will take up position at top bank lobbying firm

Former Minnesota Gov. Tim Pawlenty is resigning as a national co-chairman of Republican Mitt Romney's presidential campaign to lobby for the financial services industry.



The Financial Services Roundtable announced Thursday that Pawlenty will become its new president and chief executive officer on November 1, days before the 2012 election.



Pawlenty was an early entrant in the Republican presidential campaign, but he ended his bid last year amid poor polling before the primaries began.



His move comes at a time when the Romney campaign is struggling to recover from a series of gaffes, including secret tape recordings of the candidate discounting the importance of large swaths of the country.

Quit: Former Minnesota Gov. Tim Pawlenty is resigning as a national co-chairman of Republican Mitt Romney's presidential campaign to lobby for the financial services industry

He was often mentioned as a potential running mate for Romney and has campaigned across the country for the nominee.



The Financial Services Roundtable said in a press release that Pawlenty was stepping down from the campaign because the group is a bipartisan organization and he can no longer participate in partisan activities.

The group lobbies on behalf of insurance companies, large banks and other important players in the world of finance.

Romney, who passed over Pawlenty as his running mate, called the former Minnesota governor 'a dear friend,' according to Politico .

'He’s brought energy, intelligence and tireless dedication to every enterprise in which he’s ever been engaged, and that certainly includes my presidential campaign,' Romney said.



'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.'

Team: 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 is pictured watching Romney speak at a campaign event

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



As the industry's top lobbyist, Pawlenty will play a major role in the industry's efforts to make new Dodd-Frank rules, which Congress passed in 2010 in response to the 2007-2009 financial crisis, more favorable for Wall Street as regulators implement the law.

BAD TIMING FOR MITT ROMNEY?

Pawlenty's announcement comes at a critical time for the Romney campaign, which is reeling from a series of the Republican ticket's gaffes.

Earlier this week, a secret audio tape of the candidate was released in which Romney stated his 'job is not to worry about' the 47 percent of Americans who don't earn enough to pay income taxes and are likely to support President Barack Obama.

He also described them as people who are 'dependent upon government, who believe that they are victims, who believe they are entitled' to a wide range of benefits. His partisan statements about the attack of the U.S. consulate in Libya also drew the ire of the public and has sent him on damage control. Without his top adviser, it is unclear how the campaign will manage. His replacement was not immediately announced. Some speculate that Pawlenty is distancing himself from Romney and gearing up for a 2016 run for president.

The measure - a response to the crisis fueled by risky financial swaps trading at some firms that required multibillion-dollar tax payer bailouts - has yet to be fully enacted.

'Few industries have more impact on the entire economy - and on the lives of average Americans - than financial services. I realize there is still work to be done to continue to earn customers' confidence,' Pawlenty said in a statement.

'Our members will best accomplish that goal by responsibly investing every day in our communities and job creators,' he added.

The Financial Services Roundtable represents 100 integrated financial services companies and accounts for $92.7 trillion in managed assets, $1.2 trillion in revenue, and 2.3 million jobs, according to the group.

The two-term ex-governor of a Democratic-leaning state was on Arizona Sen. John McCain's short list for the vice presidential spot in 2008.

He had spent roughly two years laying the groundwork for his 2012 campaign and had hoped to become the alternative to the national front-runner, former Massachusetts Gov. Mitt Romney.



But this summer he unexpectedly found himself in a grudge match with Minnesota Rep. Michele Bachmann, who shot to the top of polls in Iowa after getting into the race. Pawlenty struggled to raise money and connect with voters and eventually left the race to campaign for Romney.

Though he wasn't right for the Republican ticket, Financial Services Roundtable thinks he's the man to replace Steve Bartlett.

Pawlenty 'is exactly the kind of leader we need to continue to improve our industry’s reputation, advocate firm-but-fair regulation and help maintain our global leadership of the financial markets,' said Tom Wilson, CEO of The Allstate Corporation and chairman of The Roundtable, to Politico.

Timing: Pawlenty's announcement comes at a critical time for the Romney campaign

Pawlenty said he is looking forward to 'working closely with decision makers from both parties on issues related to our nation’s banks, insurance companies and investment firms so that they can continue to provide fuel for America’s economic engine.'

His timing comes at a critical time for the Romney campaign, which is reeling from a series of the Republican ticket's gaffes.



Earlier this week, a secret audio tape of the candidate was released in which Romney stated his 'job is not to worry about' the 47 percent of Americans who don't earn enough to pay income taxes and are likely to support President Barack Obama.



He also described them as people who are 'dependent upon government, who believe that they are victims, who believe they are entitled' to a wide range of benefits.

His partisan statements about the attack of the U.S. consulate in Libya also drew the ire of the public and has sent him on damage control.

Without his top adviser, it is unclear how the campaign will manage. His replacement was not immediately announced.