Mr Romney is the second high profile Republican to announce a bid Former Massachusetts governor Mitt Romney has taken the first formal step towards running for the Republican presidential nomination in 2012.
Mr Romney, who ran a failed bid in 2008, is setting up a committee to explore the feasibility of a run.
“It is time that we put America back on a course of greatness,” he said
Mr Romney is the second high profile Republican to announce a bid following former Minnesota governor Tim Pawlenty’s move in March.
While Mr Romney is widely expected to enter the 2012 race, correspondents say he has several hurdles to overcome, notably his moderate record as Massachusetts governor, which does not sit well with conservative primary voters.
Mr Romney’s reform of the Massachusetts health care system – an overhaul that some see as remarkably similar to the one President Barack Obama passed in 2009, in the face of forceful Republican opposition – is considered as albatross around his neck.
Mr Romney ran in 2008 but lost the Republican nomination to Senator John McCain.
In three-minute video announcing his latest move, Mr Romney trumpeted his highly successful business career and criticised President Obama’s attempts to turn around a faltering US economy.
“Across the nation, over 20 million Americans still can’t find a job or have given up looking,” Mr Romney said.
“America has been put on a dangerous course by Washington politicians and it’s become even worse during the last two years. But I’m also convinced that, with able leadership, America’s best days are still ahead,” he added.
Mr Romney has lined up donors, staff and advisers for his expected presidential bid and some consider him to be front-runner for the Republican nomination in a field without a strong favourite.
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