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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsFormer Romney Campaign Chairman Turned Bank Lobbyist: Banks Should Regulate Themselves
Former Romney Campaign Chairman Turned Bank Lobbyist: Banks Should Regulate Themselves
By Pat Garofalo
Former Minnesota Governor and unsuccessful presidential candidate Tim Pawlenty announced yesterday that he was stepping down as co-chairman of the Romney campaign in order to take over the top spot at the Financial Services Roundtable, a lobbying group that represents the largest financial services companies in the country. Pawlenty assumed the role as a top bank lobbyist despite his tough words for Wall Street during his campaign.
As head of the FSR, one of Pawlentys key roles will be helping banks water down the Dodd-Frank financial reform law. And he got started during his first press conference by calling for banks to do more self-regulation, choosing voluntarily to stop doing stupid things:
Of course, the anticipation that banks would self-regulate rendering federal regulations unnecessary was part of what caused the financial crisis in 2008. Romney has pledged to repeal the Dodd-Frank law.
http://thinkprogress.org/economy/2012/09/21/888751/pawlenty-banks-self-regulate/
By Pat Garofalo
Former Minnesota Governor and unsuccessful presidential candidate Tim Pawlenty announced yesterday that he was stepping down as co-chairman of the Romney campaign in order to take over the top spot at the Financial Services Roundtable, a lobbying group that represents the largest financial services companies in the country. Pawlenty assumed the role as a top bank lobbyist despite his tough words for Wall Street during his campaign.
As head of the FSR, one of Pawlentys key roles will be helping banks water down the Dodd-Frank financial reform law. And he got started during his first press conference by calling for banks to do more self-regulation, choosing voluntarily to stop doing stupid things:
In his first press conference since being named head of the Financial Services Roundtable, former Minnesota Gov. Tim Pawlenty said he would seek a refinement of the Dodd-Frank Act, but also added that banks need to do more to regulate themselves.
The one-time Republican presidential hopeful, who is stepping down as co-chair of Mitt Romneys campaign, said he was asked while interviewing for the Roundtable job about how financial institutions can regain the publics trust.
I said, Stop doing stupid things, Pawlenty said while sitting in the Roundtables Washington offices.
These are large organizations with tens of thousands of employees in many cases. There is always going to be some individual doing something thats off track. Thats human nature. But the obligation and the opportunity of the organizations is to put controls in place and a culture in place that minimizes the likelihood of that, but does it voluntarily.
Of course, the anticipation that banks would self-regulate rendering federal regulations unnecessary was part of what caused the financial crisis in 2008. Romney has pledged to repeal the Dodd-Frank law.
http://thinkprogress.org/economy/2012/09/21/888751/pawlenty-banks-self-regulate/
Pawlenty Steps Down From Romney Campaign To Join Bank Lobbying Group (updated)
http://www.democraticunderground.com/10021382725
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Former Romney Campaign Chairman Turned Bank Lobbyist: Banks Should Regulate Themselves (Original Post)
ProSense
Sep 2012
OP
Pawlenty is no longer relevant. His political carrer is over, he threw in the towel.
Ikonoklast
Sep 2012
#1
Ikonoklast
(23,973 posts)1. Pawlenty is no longer relevant. His political carrer is over, he threw in the towel.
He is to be personally ignored, and his opinions ridiculed.
ProSense
(116,464 posts)3. Yesterday, he was Mitt's campaign chair.
He's to be spotlighted as someone who has Romney's confidence. Mitt would undoubtedly give him a seat at the table.
Ikonoklast
(23,973 posts)5. Good thing that table will never be at the White House.
I wonder if Mitt and Ann ever had anyone over for dinner that wasn't family or a political ally of some sort.
Never read about them having any friends of any kind, not one.
enlightenment
(8,830 posts)2. And foxes in henhouses should
just say "no, I won't eat those tasty, tender chickens".
We all know how that works out.
Salviati
(6,008 posts)4. I agree with him, banks SHOULD regulate themselves...
...but they shouldn't be trusted to do it, that's why we need strict financial regulation and regulators with the power to make violations hurt.
L0oniX
(31,493 posts)6. Yes they should and they damb sure don't and won't unless forced to do so.