"Get your snout out of the trough."
Wall Street Critic Pawlenty to Head Financial Services Lobby
Tim Pawlenty, the former Republican governor of Minnesota who criticized Wall Street while running for president last year, is joining the Financial Services Roundtable as president and chief executive officer.
Pawlenty, 51, will take over from the retiring Steve Bartlett as CEO of the Washington-based group that represents financial services companies including JPMorgan Chase & Co. (JPM), Bank of America Corp. and Citigroup Inc. (C), according to a statement released today.
In a Bloomberg Television interview last year before he ended his presidential run and became national co-chairman of Mitt Romney's campaign, Pawlenty said his "truth message to Wall Street is going to be, ‘Get your snout out of the trough'." He had been considered a potential running mate for Romney before the former Massachusetts governor selected Representative Paul Ryan of Wisconsin.
Tom Wilson, the Allstate Corp. (ALL) CEO who serves as chairman of the roundtable, lauded Pawlenty in the group's statement as a highly successful chief executive who will create win-win solutions and push for firm-but-fair regulation.
"Few industries have more impact on the entire economy -- and on the lives of average Americans -- than financial services," Pawlenty said in the statement. "I look 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."