[cnn-photo-caption image= http://i2.cdn.turner.com/cnn/2009/images/07/31/art.dodd0731.gi.jpg caption="Peter Schiff is running for Sen. Chris Dodd's Senate seat."]
WASHINGTON (CNN) - Connecticut Republican Peter Schiff formally announced his intent to run for Sen. Chris Dodd's Senate seat Thursday - the fifth GOP candidate to enter the race.
The former economic advisor to Rep. Ron Paul's presidential campaign has already raised more than $1,000,000 according to his campaign.
"I plan to bring my dedication and experience to the taxpayers of Connecticut," Schiff says in a statement on his website. "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."
The Democratic Senatorial Campaign Committee mocked the pool of Republican candidates Thursday.
"The Republican show in Connecticut could give the Ringling Brothers a run for their money," DSCC Communications Director Eric Schultz said in a statement. "Meanwhile the people of Connecticut will be watching Chris Dodd build on his record of delivering everyday for his state.”
The latest Quinnipiac University poll has Sen. Dodd's approval ratings improving throughout the state, with 43 percent of those polled saying they approve of his job performance, up 10 points from April.
Schiff is set to face off against co-founder and CEO of World Wrestling Entertainment Linda McMahon, former Rep. Rob Simmons, former U.S. Ambassador to Ireland Tom Foley, and state Sen. Sam Caliguiri in the Republican primary.