Two Powerful Wall Street Lobbying Groups Are Merging Into OneBy
Two powerful Wall Street lobbying groups are becoming one.
The Financial Services Roundtable, a group whose members include the biggest U.S. banks and payments companies, is merging with the Clearing House Association, a Wall Street trade group, the two groups announced in a Tuesday statement. The Clearing House’s current president, Greg Baer, a former JPMorgan Chase & Co. lawyer who focused on regulatory policy, will lead the combined organization.
Who would run the Financial Services Roundtable has been an open question since its president, Tim Pawlenty, announced last month he would step down. There is speculation Pawlenty may run for his old job as governor of Minnesota, his native state.
Last year, the Financial Services Roundtable’s board decided to restrict membership to banks and payment companies, shutting out insurers and asset managers. The group has been active during the Trump administration. It strongly supported the tax overhaul that President Donald Trump signed into law in December as well as Republicans’ efforts to dial back the Dodd-Frank Act, including a bill now under consideration in the Senate.
Other major finance industry trade groups include the American Bankers Association and Financial Services Forum.