Tim Pawlenty ditches Romney campaign for Wall Street

Former Minnesota Gov. Tim Pawlenty has resigned as a national co-chairman of Republican Mitt Romney's presidential campaign to lobby for Wall Street. He has also ruled out a run for governor or Senate in Minnesota in 2014.

The Financial Services Roundtable announced Thursday that Pawlenty will become its new president and chief executive officer on November 1. Pawlenty adviser Brian McClung told The Associated Press that Pawlenty ruled out the races as he prepared to take the job heading the Wall Street lobbying group.

"With this new position, Governor Pawlenty is taking off the table running for U.S. Senate or governor in 2014," McClung said in an email. Pawlenty did not immediately respond to an email seeking comment.

Pawlenty was an early entrant in the Republican presidential campaign, but he ended his bid last year after a poor showing in the Iowa caucuses. He was also a finalist to be Romney's vice presidential running mate.

The Financial Services Roundtable said in a press release that Pawlenty was stepping down from the campaign because the group is a bipartisan organization.

Pawlenty was twice elected governor of Minnesota, in 2002 and 2006. His 2006 win was the last time a Republican won statewide in Minnesota. Now Republicans will be looking for candidates to take on U.S. Sen. Al Franken and Gov. Mark Dayton in 2014, when they will be running for second terms.