Former Minnesota Gov. Tim Pawlenty, the incoming head of the Financial Services Roundtable said at a press conference:

Dodd-Frank is "a law that was put on the books in the wake of a crisis and with good intent. But as it gets implemented, there are some challenges around vagueness and duplication of effort and oversight that properly brings the Roundtable to say, 'It needs to be refined, it needs to be clarified.' Directionally, that's the approach that we'll take."

He also said banks should “stop doing stupid things” and do more self-regulating, reports American Banker’s Joe Adler.

Pawlenty , who is stepping down as co-chair of Mitt Romney's campaign, “had been seen as Romney's likely choice as vice president” and “was also a probable cabinet pick in a potential Romney administration,” writes Adler.

For the full piece see: "Pawlenty: Banks Need to 'Stop Doing Stupid Things'" (may require subscription).