Romney who is the fifth Mormon to seek the presidency, leaves the governor's office today and will join a field of several well-known Republicans in seeking their party's nomination.

"After talking to my family, I have decided to take this initial step of forming an exploratory committee in order to raise the resources and build the campaign organization required to pursue the highest office in our country," Romney said in statement.

"I look forward to continuing to talk with the American people to determine the best way we can meet a new generation of challenges."

Romney's committee noted the filing does not indicate an announcement to run for the presidency, just to explore the opportunity.

The 59-year-old Michigan native and venture capitalist is casting himself as a social and fiscal conservative, staking out territory to the political right of the more prominent contenders in the race, Arizona Sen. John McCain and former New York City Mayor Rudolph Giuliani.

McCain and Giuliani have already formed exploratory committees.

Romney, however, faces challenges in the race, should he choose to fully commit, chiefly his membership in the Church of Jesus Christ of Latter-day Saints, a religion viewed as a cult by some evangelical voters.

"It has the potential to be a big deal," says John Green, a senior fellow at the Washington-based Pew Forum on Religion and Public Policy. "Because in Republican primaries, evangelical voters are a big factor."

Though many news articles on Romney have mentioned his religion, it has not been a major issue so far. That may change in a heated primary battle, Green says.

"Then the incentive for Governor Romney's opponents to raise this issue, especially under radar, will be difficult to resist," he says.

Richard Land, an ordained minister who heads the Southern Baptist Convention's Ethics and Religious Liberty Commission, is one of the few evangelicals Romney has invited to his home to talk about a potential presidential bid.

Land, who serves as a liaison between the convention's followers and Washington, says he could personally vote for a Mormon, though he's unsure whether Romney is a candidate he would back. Regardless, he says, Romney's religion will be an issue.

"How much of an issue will depend on Governor Romney and how he handles it," says Land, who advised Romney to give a speech analogous to President Kennedy's famous comments addressing his Catholic faith.

Romney could attract many evangelical voters if he is seen as the most electable conservative candidate, Land says. "Don't underestimate the ability of Senator [Hillary] Clinton to unite social conservatives around a candidate," Land says.

Romney also must counteract concern about his "evolution" in political stands, including his staunch positions now against abortion and same-sex marriage. In 1994 statements, he said he was left of Democratic Sen. Edward Kennedy on some social issues.

Romney plans a kickoff fundraiser for Monday in Boston, the start of an arduous process to amass a fortune in donations in a short period of time. Observers say candidates who want to prove they have a credible campaign need to show $20 million to $30 million in their first financial disclosures, due March 31.

Romney, who must step aside from his political action committee's bank account, starts at zero financially with his exploration committee filing, though he may call in several promises for funds given before Wednesday.

Even though polls have showed him with about 5 percent or less of support nationwide, Romney is regarded as one of the top-tier presidential candidates and one of the few front-runners.

"It's hard not to call him that," says Chuck Todd, editor and chief of The Hotline, a daily briefing of political news. "He may not poll like a front-runner or have the name recognition. [But] he's signing up staff like a front-runner. Nobody denies he has the political skill and the money."

Romney is personally wealthy, a result of founding the venture capital firm Bain Capital, and he has the ability to call on a network of executives across the nation for financial backing. Stuart Rothenberg, who handicaps races in the Rothenberg Political Report, says Romney has a "reasonable chance," if he can address lingering questions about his religion and stand on gay rights and abortion.

"If you're in a room with Romney, you can't help but be impressed with him," Rothenberg says. "The question is whether the two or three big question marks become such overriding problems that they erase all his positive qualities." Romney on Wednesday also launched his Web site, www.mittromney.com.

Romney is following in the footsteps of his father. George Romney, who was governor of Michigan and president of the American Motors Co., was considered a front-runner of the 1968 presidential race until his fateful comment that he was "brainwashed" about the Vietnam War. George Romney's Mormon faith wasn't a large factor in his short-lived race.

Other Mormons who have sought the White House are LDS Church founder Joseph Smith, in 1844; former Arizona Democratic Rep. Mo Udall, in 1976; and Utah Republican Sen. Orrin Hatch, in 1999.

The Michigan native already handpicked a core staff of Republican insiders and has traveled extensively to states with the first shot at picking the party's nominee.

Iowa will be the first state to hold a nomination contest in January 2008, but also hosts a straw poll this August that may narrow the field of contenders. The first Republican presidential debate is scheduled for May.

tburr@sltrib.com

"After talking to my family, I have decided to take this initial step of forming an exploratory committee in order to raise the resources and build the campaign organization required to pursue the highest office in our country. I look forward to continuing to talk with the American people to determine the best way we can meet a new generation of challenges."

MITT ROMNEY

Potential 2008 Republican presidential candidate