NEW YORK ( TheStreet) -- 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 ABC's "Good Morning America" early Friday morning.
Ron Paul
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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 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.

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

-- Written by Theresa McCabe in Boston.

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