Texas Congressman Prepares for Presidential Bid

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Texas Congressman Ron Paul has taken the first step toward launching a second presidential bid -- this time as a Republican.

The iconoclastic nine-term congressman from Lake Jackson yesterday filed incorporation papers to create a presidential exploratory committee.

The move allows Paul and his supporters to collect money for his run.

The physician was the Libertarian nominee for president in 1988.

Paul gets little money from the GOP's large traditional donors, but benefits from individual conservative and Libertarian donors outside Texas.

He bills himself as "The Taxpayers Best Friend."

An aide says Paul's formal presidential announcement is expected later this month.