Former Texas Gov. Rick Perry announced his 2016 presidential campaign Thursday, hoping the second time's the charm after his 2012 bid fizzled following a debate gaffe and other challenges, Fox News reported Thursday.

The three-term Republican governor, who has spent months traveling and studying policy issues in preparation for another run, made it official at an event in Addison, Texas.

Perry railed against the economic and foreign policy record of the Obama administration, calling the former a result of tax-and-regulatory policies. On foreign policy, Perry faulted leaders of both parties for making "grave mistakes" in Iraq but said President Obama "failed to secure the peace," with the Islamic State now seizing cities American troops fought for.

"The truth is we are at the end of an era of failed leadership," Perry said.