NEW YORK (

TheStreet

) -- Texas Rep. Ron Paul is expected to announce plans to seek the Republican nomination in the 2012 presidential election on Friday,

CNN

reported, citing a source close to the campaign.

Paul is expected to make the announcement at a Friday morning campaign event in Exeter, New Hampshire.

Ron Paul is expected to run for president a third time.

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 in 2008.

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

reported.

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.

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

--

Written by Theresa McCabe in Boston

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