Minimum Wage

While Romney is bowing out, he offered advice to the party and its potential nominees on issues and about potentially running against former Secretary of State Hillary Clinton. Clinton has not yet declared her candidacy for the Democratic nomination.

On President Barack Obama's push to raise the minimum wage, Romney said, "I part company with many of the conservatives in my party."

"I think we ought to raise it," he said. "Our party is all about more jobs and better pay."

Republicans need to better appeal to minority voters and one way is with an economic message about how they have fared under the Obama administration.

"Minority families have been the hardest hit these past five years," he said.

If Clinton seeks the presidency in 2016, Romney predicted her years as secretary of state would be a political liability.

During her tenure, the three-year-old civil war in Syria raged on and the government built an arsenal of chemical weapons, negotiations with Iran over nuclear weapons stalled, and terrorists attacked the U.S. consulate in Benghazi, Libya, killing four Americans, including Ambassador Chris Stevens.

Benghazi Probe

"The four years she served in Secretary of State capacity were not good years," Romney said. "This was not a good time for America. I think her record there is a very substantial liability."

Romney supported the Republican-led House creating a select committee to investigate the 2012 attacks in Libya. He said questions need to be answered, including allegations the White House is still withholding documents.

"If Republicans did not have a majority in Congress, there would not be an investigation into Benghazi," Romney said.

Romney, a businessman before entering politics, said Obama is delaying approval of the Keystone XL pipeline from Canada because the president is "playing to the extreme wing of the Democratic party." Approval is "a no brainer," Romney said.

–With assistance from Jonathan Allen in Washington.