) -- Texas Rep. Ron Paul announced Friday he plans to seek the Republican nomination in the 2012 presidential election.

"I am officially announcing that I am a candidate for president in the Republican primary," he said on


"Good Morning America" early Friday morning.

Many anticipated his presidential bid was coming

after Paul, 75, tweeted Thursday that he would make a "major announcement" on Friday morning.

It will be Paul's third bid for the White House. He ran as the Libertarian Party nominee in 1988 and sought the Republican nomination 20 years later in 2008.

Paul joins several other candidates vying for the 2012 GOP nomination, including former House Speaker Newt Gingrich.

Paul launched a presidential

exploratory committee

at the end of April and attended the first Republican presidential debate last week after raising more than a million dollars online,

Fox News


Congressman Paul is currently the chairman of the House Financial Services Subcommittee on Domestic Monetary Policy.

As an advocate for limited constitutional government and a monetary policy based on the gold standard, Paul is a famous critic of the

Federal Reserve


Now Paul heads to Exeter, N.H., where he'll hold a campaign rally later on Friday.


Written by Theresa McCabe in Boston


>To contact the writer of this article, click here:

Theresa McCabe


>To follow the writer on Twitter, go to



>To submit a news tip, send an email to:


Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.