New Mexico Gov. Bill Richardson is exploring a run for the presidency, making him the first New Mexican to seek the White House and the first Latino to have a credible chance at earning a place on the national ticket.

In a race already featuring Barack Obama and Hillary Rodham Clinton, what could be more appropriate than an announcement by Richardson that he, too, will compete for the Democratic nomination.

But there’s a lot more to this governor than a fresh face and a multicultural background.

While most of America doesn’t know Richardson, his credentials are, at least on paper, impeccable. He has been a member of Congress, ambassador to the United Nations, energy secretary, and, since 2002, a highly successful governor of a state in the heart of the rapidly growing Sun Belt.

Yet he enters a contest already crowded with big names, a fact punctuated dramatically on Saturday with the entry of Clinton, who joins Obama and John Edwards, the Democratic nominee as vice president in 2004, among others.

The competition to raise money will be at least as intense as the one to gain attention, and Richardson faces enormous obstacles. However, he has sharp political skills, both in the ability to fill a room for a speech, and to succeed in the face-to-face campaigning that are essential in Iowa and New Hampshire.

Unlike many candidates, he has shown he is unafraid to use humor, either in his speeches or campaign commercials. He is also a strong debater.

In a statement Sunday on his website, Richardson announced he was forming an exploratory committee with the clear intention of seeking the Democratic nomination for president in 2008. A spokesman said the formal announcement would come in March.

“I am taking this step because we have to repair the damage that’s been done to our country over the last six years,” Richardson said. “Our reputation in the world is diminished, our economy has languished and civility and common decency in government has perished.”

He said the next president must get our troops out of Iraq without delay, though he has called for a phased withdrawal of troops. Then, citing his extensive experience in international affairs, he said that the U.S. presence in Iraq isn’t helping any longer.

While he no doubt will emphasize his world experience, Richardson will also take advantage of his perch in a governor’s mansion, clearly the easiest path to the White House over the last 30 years. Richardson won re-election in November with nearly 70 percent of the vote.

“Most public policy solutions these days are coming from governors and state governments,” Richardson said, “… and that’s because we can’t be partisan or we won’t get our jobs done.”

The Albuquerque Tribune indicates that at the very least, the 59-year-old Richardson enjoys overwhelming popularity in his own state of New Mexico, which recently reelected him to the governorship by a record margin.

If you’re interested in learning more about this outside candidate with insider chops, check out part one of a five-part, in-depth profile of Richardson developed over the past several months by the Albuquerque Journal.