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Willard Mitt Romney born March 12, is an American businessman and politician who served as the 70th Governor of Massachusetts from to and was the Republican Party 's nominee for President of the United States in the election. He married Ann Davies in , and they have five sons. By , he had participated in the political campaigns of both parents. Later serving as Bain's chief executive officer CEO , he helped lead the company out of a financial crisis.
In , he co-founded and led the spin-off company Bain Capital , a highly profitable private equity investment firm that became one of the largest of its kind in the nation. Active in The Church of Jesus Christ of Latter-day Saints LDS Church throughout his adult life, he served as the bishop of his ward head of his local congregation and then as stake president near Boston.
After losing to longtime incumbent Ted Kennedy , he resumed his position at Bain Capital. Elected Governor of Massachusetts in , Romney helped develop and then signed into law the Massachusetts health care reform legislation, the first of its kind in the nation.
It provided near-universal health insurance access through state-level subsidies and individual mandates to purchase insurance. He did not seek reelection in , instead focusing on his campaign for the Republican nomination in the U. Though he won several primaries and caucuses , the eventual nominee was Senator John McCain.
He won the Republican presidential nomination , becoming the first Mormon to be the presidential nominee of a major party. He was defeated by incumbent Democratic President Barack Obama in the November general election , losing the electoral college by — Romney kept a low profile for a while after the election, but later became more visible politically. In February , Romney announced his candidacy for the U.
Senate election in Utah. In the June 26 primary, Romney defeated state Rep. Mike Kennedy to become the Republican nominee in the general election. Another great-great-grandfather, Parley P. Pratt , helped lead the early Church. Romney has three older siblings, Margo, Jane, and Scott. Mitt was the youngest by nearly six years.
Romney attended public elementary schools until the seventh grade, when he enrolled as one of only a few Mormon students at Cranbrook School , a private upscale boys' preparatory school a few miles from his home. At Cranbrook, Romney helped manage the ice hockey team, and he joined the pep squad. He has since apologized for those, stating that some of the pranks may have gone too far. Romney attended Stanford University during the —66 academic year. In July , he began a thirty-month stint in France as a Mormon missionary ,   a traditional rite of passage in his family.
Those who yelled at him and slammed their doors in his face merely reinforced his resolve. In June , he was in southern France and driving an automobile that was hit by another vehicle, which seriously injured him and killed one of his passengers, the wife of the mission president.
At their first meeting following his return, Romney and Ann Davies reconnected and decided to get married. Mitt had missed much of the tumultuous anti-Vietnam War movement in America while away in France. Upon his return, he was surprised to learn that his father had joined that same movement during his unsuccessful presidential campaign.
In a June newspaper profile of children of cabinet members, Mitt said that U. He later sought and received two additional student deferments. At culturally conservative BYU, Romney remained isolated from much of the upheaval of that era. The Romneys' first son, Taggart , was born in  while they were undergraduates at BYU and living in a basement apartment. Benjamin and Craig would arrive later, after Romney had begun his career. Mitt Romney wanted to pursue a business career, but his father advised him that a law degree would be valuable to his career even if he never practiced law.
Recruited by several firms in , Romney joined the Boston Consulting Group BCG , reasoning that working as a management consultant for a variety of companies would better prepare him for a future position as a chief executive. In fact, clients sometimes preferred to use him rather than more-senior partners. Two family incidents during this time later surfaced during Romney's political campaigns. Disagreeing about the license and wanting to continue a family outing, Romney took it out anyway, saying he would pay the fine.
The ranger arrested him for disorderly conduct. The charges were dropped several days later. Initially, Bain Capital focused on venture capital investments. Romney set up a system in which any partner could veto one of these potential opportunities, and he personally saw so many weaknesses that few venture capital investments were approved in the initial two years.
Stemberg convinced Romney of the market size for office supplies and Romney convinced others; Bain Capital eventually reaped a nearly sevenfold return on its investment, and Romney sat on the Staples board of directors for over a decade. Romney soon switched Bain Capital's focus from startups to the relatively new business of leveraged buyouts: Romney discovered few investment opportunities himself and those that he did, often failed to make money for the firm.
Bain Capital's leveraged buyouts sometimes led to layoffs, either soon after acquisition or later after the firm had concluded its role. My job was to try and make the enterprise successful, and in my view the best security a family can have is that the business they work for is strong.
Romney took a leave of absence from Bain Capital from November to November to run for the U. Against the advice of Bain Capital lawyers, Romney met the strikers, but told them he had no position of active authority in the matter. In August , Romney announced that he would not return to Bain Capital. During his business career, Romney held several positions in the local lay clergy. In the early s Romney served in a ward bishopric. He then served for a time as a seminary teacher and then as a member of the stake high council of the Boston Stake while Richard L.
Bushman was stake president. In , he became a counselor to the president of the Boston Stake. Romney took a hands-on role in the Belmont Stake's matters, helping in domestic maintenance efforts, visiting the sick, and counseling burdened church members.
For much of his business career, Romney did not take public, political stances. By , Romney had begun thinking about entering politics, partly based upon Ann's urging and partly to follow in his father's footsteps. Senator Ted Kennedy , who was seeking re-election for the sixth time. Radio personality Janet Jeghelian took an early lead in polls among candidates for the Republican nomination for the Senate seat, but Romney proved the most effective fundraiser.
In the general election, Kennedy faced the first serious re-election challenge of his career. I'm not trying to take us back to Reagan-Bush. Romney's campaign was effective in portraying Kennedy as soft on crime, but had trouble establishing its own consistent positions.
The day after the election, Romney returned to Bain Capital, but the loss had a lasting effect; he told his brother, "I never want to run for something again unless I can win. Romney Institute of Public Management. Romney felt restless as the decade neared a close; the goal of simply making more money held little attraction for him.
In , Ann Romney learned that she had multiple sclerosis ; Mitt described watching her fail a series of neurological tests as the worst day of his life. They chose Romney based on his business and legal expertise as well as his connections to both the LDS Church and the state. Romney restructured the organization's leadership and policies.
He reduced budgets and boosted fundraising, alleviating the concerns of corporate sponsors while recruiting new ones. Romney emerged as the local public face of the Olympic effort, appearing in photographs, in news stories, on collectible Olympics pins depicting Romney wrapped by an American flag, and on buttons carrying phrases like "Hey, Mitt, we love you!
Garff , the chair of the organizing committee, later said "It was obvious that he had an agenda larger than just the Olympics,"  and that Romney wanted to use the Olympics to propel himself into the national spotlight and a political career. He was very good at characterizing and castigating people and putting himself on a pedestal. Olympic Committee head William Hybl credited Romney with an extraordinary effort in overcoming a difficult time for the Olympics, culminating in "the greatest Winter Games I have ever seen".
Crisis, Leadership, and the Olympic Games , published in The role gave Romney experience in dealing with federal, state, and local entities, a public persona he had previously lacked, and the chance to relaunch his political aspirations. In , plagued by political missteps and personal scandals, the administration of Republican Acting Governor of Massachusetts Jane Swift appeared vulnerable, and many Republicans viewed her as unable to win a general election.
Romney again ran as a political outsider. The swearing in of Romney as the 70th governor of Massachusetts took place on January 2, Romney sought to bring near-universal health insurance coverage to the state. This came after Staples founder Tom Stemberg told him at the start of his term that doing so would be the best way he could help people.
Determined that a new Massachusetts health insurance measure not raise taxes or resemble the previous decade's failed "Hillarycare" proposal at the federal level, Romney formed a team of consultants from diverse political backgrounds to apply those principles.
Beginning in late , they devised a set of proposals that were more ambitious than an incremental one from the Massachusetts Senate and more acceptable to him than one from the Massachusetts House of Representatives that incorporated a new payroll tax.
On April 12, , the governor signed the resulting Massachusetts health reform law , commonly called "Romneycare", which requires nearly all Massachusetts residents to buy health insurance coverage or face escalating tax penalties, such as the loss of their personal income tax exemption.
At the beginning of his governorship, Romney opposed same-sex marriage and civil unions, but advocated tolerance and supported some domestic partnership benefits. Department of Public Health. However, citing a law that barred out-of-state residents from getting married in Massachusetts if their union would be illegal in their home state, he said no marriage licenses were to be issued to those people not planning to move to Massachusetts.
Senate to vote in favor of the Federal Marriage Amendment. In , Romney revealed a change of view regarding abortion, moving from the pro-choice positions expressed during his and campaigns to a pro-life one in opposition to Roe v. Romney used a bully pulpit approach towards promoting his agenda, staging well-organized media events to appeal directly to the public rather than pushing his proposals in behind-doors sessions with the state legislature.
During , Romney spent considerable effort trying to bolster the state Republican Party, but it failed to gain any seats in the state legislative elections that year. Romney filed to register a presidential campaign committee with the Federal Election Commission on his penultimate day in office as governor.
His term ended January 4, Romney formally announced his candidacy for the Republican nomination for president on February 13, , in Dearborn, Michigan. The campaign emphasized Romney's highly profitable career in the business world and his stewardship of the Olympics./p>
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