Investment banker Peter Schiff has officially jumped into the GOP primary to face Sen. Chris Dodd (D-Conn.) in 2010.

Schiff is the second wealthy Republican to enter the race who is likely to self-fund. Yesterday, former World Wrestling Entertainment CEO Linda McMahon announced that she would run and said that she would "spend what it takes to win."

The investor announced his decision to run on MSNBC's "Morning Joe" on Thursday.

"I plan to bring my dedication and experience to the taxpayers of Connecticut," Schiff said in a statement. "I may make mistakes in this campaign—but I will not make mistakes in representing you in the Senate. I look forward to an exciting race where I can share my vision with the people of Connecticut."

Schiff joins a crowded primary field that includes McMahon, front-runner and former Rep. Rob Simmons, former ambassador to Ireland Tom Foley, and state Sen. Sam Caligiuri.

In a statement, Caligiuri's campaign said "Sam believes that giving the people of Connecticut the chance to select the best candidate through a spirited primary is good for voters."