Former Minnesota Gov. Tim Pawlenty (R) is stepping down as co-chair of the campaign to elect former Gov. Mitt Romney (R-MA) president. According to CNN, Pawlenty has been tapped as president and CEO of the Financial Services Roundtable, a Washington-based group that lobbies for banks.

The Hill's "On the Money" blog quotes Allstate CEO and Financial Services Roundtable chairman Tom Wilson as saying, "Tim’s leadership, vision and ability to find common ground make him the right choice to represent the broad membership of the Financial Services Roundtable.  He 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.”

Gov. Romney said that he will miss Pawlenty's contribution to the campaign, but that the Minnesota governor and former state representative is taking up noble work as a banking lobbyist.

"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."

Pawlenty's new job begins November 1.

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