AUSTIN, Texas -- Texas Rep. Ron Paul has officially announced that he's running for president.

Paul announced on ABC's "Good Morning America" that he will seek the GOP nomination for president in 2012.

Paul first ran for president as a Libertarian in 1988. Three years ago, the former flight surgeon and outspoken critic of the Federal Reserve made a spirited but unsuccessful for the 2008 Republican presidential nomination. His efforts made him an Internet sensation, however, and showed his ability to raise money.

The 75-year-old Paul has represented Texas in Congress for almost 30 years. He campaigned for the House and the presidency at the same time in 2008, with supporters expecting the same strategy in 2012.