(CNN) - The latest television ad by the Obama campaign paints Mitt Romney as a man who outsourced jobs, tried to hide a Swiss bank account, and enjoys a common cause with big oil interests.
Called “Swiss Bank Account,” the 30-second spot begins airing Tuesday in the key battleground states of Ohio, Virginia and Iowa. In a few days, President Barack Obama will hold his first campaign rallies in two of those states: Ohio and Virginia.
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The ad begins by trying to discredit an anti-Obama ad funded by the Americans for Prosperity which the narrator describes as “Big Oil's new attack ads.”
The narrator quotes a Washington Post fact check which rated parts of the ad “erroneous.”
The Obama administration's green energy program has come under fire by conservative groups that have criticized investments in Solyndra and other new technologies that failed.
The narrator says the president's green energy agenda created jobs in the United States; not overseas.
The ad then asks, “What about Mitt Romney?” - leaving the impression that there may be a link between these unnamed oil interests and Romney.
The narrator says that when Romney ran Bain Capital, he sent U.S. jobs to China and Mexico. It also says Romney outsourced jobs from Massachusetts when he served as governor.
It ends by telling voters that Romney had a Swiss bank account and failed to disclose income from it on his public campaign disclosure statements.
“It’s just what you'd expect from a guy who had a Swiss bank account,” the narrator says.
Obama only speaks in the ad to approve it.
Senior Democratic officials have said repeatedly they would try to define Romney early in the election and the ad suggests they're trying to define him as a fat cat who is looking out only for the wealthy.
Tuesday morning the Romney campaign responded to the commercial.
"With the worst job creation record in modern history and the slowest economic recovery since the Great Depression, President Obama is trying to distract Americans from the real issues with a series of sideshows," said Romney campaign spokesperson Amanda Hennenberg. "Unable to defend his failed record of 23 million Americans struggling for work, wasteful boondoggles like Solyndra, skyrocketing national debt, and unacceptably high energy prices, President Obama has once again resorted to attacking Mitt Romney."
On the tax disclosures, Romney campaign press secretary Andrea Saul recently said that "any document with this level of complexity and detail is bound to have a few trivial inadvertent issues" and that Romney is "clearly coming down on the side of disclosure."
The ad will air on broadcast television channels and the Obama campaign describes it as "a significant buy."