Thursday, September 20, 2012

Working for big banks

"Former Republican presidential hopeful Tim Pawlenty will become the head of the Financial Services Roundtable, a U.S. bank lobbying group that represents JP Morgan Chase & Co and Wells Fargo & Co, among other financial companies, the group said on Thursday.

Pawlenty, who dropped out of the White House race early and quickly backed Mitt Romney for the nomination, takes over as president and chief executive office of the industry group on November 1, it said in a statement.

As the industry's top lobbyist, he 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.

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 the statement."

Note: "industries top lobbyist", not consumers and "make it more favorable for Wall Street" or simply stated how to get around new rules put on Wall Street.  Tim Pawlenty is now working for the big banks.

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