Mitt Romney this morning announced that he will be seeking the Republican nomination for President of the United States.
Romney's announcement was made in Michigan, the state in which he grew up, and where his father was Governor.
Mitt Romney is consistently the third favorite in the polls, behind Rudy Giuliani and John McCain. But Romney has more appeal to social conservatives than the leaders, and does have a good capacity for fundraising.
Romney also has a good record as Governor of Massachusetts and CEO of the Salt Lake Winter Olympics.
"I do not believe Washington can be transformed by someone who has never tried doing such a thing before, in any setting, by someone who has never even managed a corner store, let alone the largest enterprise in the world.
"Throughout my life, I have pursued innovation and transformation. It has taught me the vital lessons that come only from experience, from failures and successes, from the private, public and voluntary sectors, from small and large enterprise, from leading a state, from being in the arena, not just talking about it. Talk is easy, talk is cheap. It is doing that is hard. And it is only in doing that hope and dreams come to life.
"This Christmas, Ann and I gathered my five sons and five daughters-in-law to ask them whether I should run for President.
"We talked about the special time this is in the history of America - the challenges and the opportunities. We talked about the qualities that are needed in our leaders. They were unanimous. They know our hearts. They know our values. They know my experience innovating and transforming, in business, in the Olympics, and in Massachusetts. And they know we love this country.
"And so, with them behind us, with the fine people of Michigan before us, and with my sweetheart beside me, I declare my intention to run for President of the United States.
"It has been said that a person is defined by what he loves and by what he believes and by what he dreams.
"I love America and I believe in the people of America."
For the full transcript of Romney's speech, head to his website.