"It's just what you'd expect from a guy who had a Swiss bank account," a narrator says in the ad.

Back in January, Mr. Romney disclosed two years of his tax returns and revealed his investments including $3 million in an account with the Swiss bank UBS. At the time, Brad Malt, a lawyer who has been trustee of the Romney family's three trusts since 2003, said the account was closed in 2010 to avoid potential political problems for Mr. Romney.

“It is a bank account, nothing more, nothing less, an ordinary bank account. It earns some income, which is fully reported on the form 1040," Mr. Malt said. “I regularly review Governor Romney’s investments, and just in connection with one of my periodic reviews, I decided that this account wasn’t serving any particular purpose. It might or might not be consistent with Governor Romney’s political views, you know, again the taxes were all fully paid, et cetera, but it just wasn’t worth it and I closed the account.”

Days later, Mr. Romney was forced to amend the financial disclosure he filed last year to include $1,700 in income he received from the UBS account in 2010.

President Obama's ad is framed as a response to a commercial paid for by the conservative group Americans For Prosperity that claims "billions" the president spent on green energy "went to foreign countries."  The new commercial from President Obama's re-election campaign cites a report from the Washington Post that called the AFP ad "over the top," "erroneous" and "out-of-context." President Obama's "Swiss bank account" ad is airing in Virginia, Ohio and Iowa.

Watch the "Swiss bank" ad here.