Pawlenty to Become Wall Street Lobbyist

Tim Pawlenty was hoping to spend plenty of time in the White House next year. Now, rather than living there, the onetime presidential contender will visit regularly as a top Wall Street lobbyist.

Mr. Pawlenty, the former Republican governor of Minnesota, was named chief executive of the Financial Services Roundtable on Thursday. He will replace Steve Bartlett, also a former Republican lawmaker, who will retire from the Wall Street lobbying group later this year.

“I'm excited about this new challenge,” Mr. Pawlenty said in a statement. “Few industries have more impact on the entire economy â€" and on the lives of average Americans â€" than financial services.”

His appointment comes at a crucial moment for Wall Street, which is battling a regulatory overhaul in the wake of the financial crisis. Under the Dodd-Frank act, regulators are writing more than 300 new rules for banks and other financial firms.

The deep-pocketed roundtable, which repre sents 100 of the nation's largest financial institutions, is looked to as a source of influence on the law. The group also helped spearhead several past deregulation efforts, including the repeal of some Glass-Steagall restrictions on banks owning insurance companies.

Since the 2008 crisis prompted government bailouts of Wall Street, the roundtable has focused on fixing the industry's image problem. Mr. Bartlett, a former congressman and onetime mayor of Dallas known for his affable style and trademark ostrich leather cowboy boots, also became one of Wall Street's go-to lobbyists in the Dodd-Frank fight.

“Our members have weathered the financial crisis and, now, Tim can help take us to the next level,” Mr. Bartlett said in a statement. “His efforts to bridge political and policy divides will serve to enhance the reputation of the financial services industry with customers and policy makers.”

With Mr. Pawlenty taking over, he will step down as natio nal co-chair of Mitt Romney's presidential campaign. Mr. Pawlenty, whose name was mentioned on the short list of potential running mates for Mr. Romney, was likely to secure a post in a Republican administration.

But he has sworn off politics, at least for now. “I am grateful to have had the opportunity to serve,” he said, “but I am now moving on and committed to focusing fully on this new opportunity.”