Minnesota Governor Tim Pawlenty, among the Republicans angling for a possible 2012 presidential bid, formally submitted papers today to the Federal Election Commission to launch a political action committee to help fellow Republicans — and start collecting political IOUs.

The Freedom First PAC “will offer financial support to candidates committed to putting freedom before government, and provide organizational support for Pawlenty to promote his innovative, conservative message,” according to today’s announcement.

It is similar to the Free and Strong America PAC that former Massachusetts Governor Mitt Romney — a potential rival in 2012 — launched last year after Romney dropped out of the 2008 race. Like Romney’s PAC, it also boasts a website. (The top item in “The Latest” section of the site is a link to a Wall Street Journal story today that says Pawlenty is laying the groundwork for a 2012 run.)

“Right now, our freedoms are being challenged on many fronts,” Pawlenty said in a statement. “This organization is dedicated to putting freedom first again in America. By helping candidates and translating our ideas into policies that everyone can relate to and support, we can turn back the growth of Washington and renew the promise of freedom.”

The PAC’s co-chairmen are William H. Strong, the vice chairman of Morgan Stanley, and Vin Weber, the former Minnesota congressman.

“There’s a big debate about the role of government and personal freedom raging at the moment, and I’m excited to help promote fresh new ideas, and new leaders.” Weber said in a statement. “Given Tim’s successful record in Minnesota, he’s in a unique position to harness that energy and help other candidates.”

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