Iowa Republican Terry Branstad, a former governor, is initiating a 2010 campaign to reclaim his old job.

Branstad, who was Iowa's chief executive from 1983 to 1999, on Wednesday formally created an "exploratory" committee that almost certainly will lead to a full-fledged campaign against Democratic Gov. Chet Culver.

Among those praising Branstad's move was Sandy Greiner, a former state legislator who organized a "Draft Branstad" effort.

"Today is a great day for future generations of Iowans as Gov. Branstad takes the next step toward deciding to run for governor of Iowa," Greiner said.

While several Iowa Republicans continue to mull challenging Democratic Gov. Chet Culver in his 2010 election, the GOP field has been winnowed by one. State Auditor David Vaudt's office confirmed to CQ Politics that he will not run for governor, and instead will seek re-election to his current office.

Vaudt's decision was first reported Monday by Iowa media outlets. He told the Des Moines Register that his experience as auditor is paramount given the fiscal difficulties facing the state. "This is a very critical time for Iowa, and we need a strong voice and an experienced voice to keep Iowans in tune with what's really taking place with our finances," Vaudt said.

Vaudt also told Radio Iowa that he had considered the governor's race but that he is "very concerned about Iowa's long-term finances."