NORTH CHARLESTON, S.C. - Thomas Ravenel, a new candidate with a familiar name, formally announced Thursday that he will seek the Republican nomination for the U.S. Senate seat held by Democratic U.S. Sen. Ernest "Fritz" Hollings.

"The name Ravenel isn't new to South Carolina," said Ravenel, whose father is well-known state Sen. Arthur Ravenel, R- Mount Pleasant.

The younger Ravenel, a real estate developer, said his family instilled in him an appreciation for public service. "Now, I intend to carry that legacy into a new generation," he told a crowd of 30 people gathered at a hotel here before flying to other South Carolina cities to repeat his announcement.

At least four Republicans are seeking the nomination, including U.S. Rep. Jim DeMint of Greenville and Myrtle Beach Mayor Mark McBride. Former Attorney General Charlie Condon also is expected to announce in the coming weeks.

Hollings, 81, has not said yet if he will seek re-election to the Senate.

Ravenel, 40, said that as a small-business owner, he knows what drives the economy.

"And to grow this economy, we've got to cut taxes," he said. Ravenel also called for "meaningful tort reform" to end "out-of-control, frivolous lawsuits."

He said there should be a cap on punitive damages and said "everywhere tort reform has been tried, the system has improved."

Fulfilling the American dream for all requires a limited federal government "that respects the authority of state and local leaders over that of federal bureaucrats in Washington," he said.

Although Ravenel has never held public office, his father, Arthur, said his son has plenty of political experience.

"He's had tons of it because he comes from a political family," the elder Ravenel said. "He's been active in all the races. He's probably got more political experience than anybody running."

Ravenel said his son has "worked at the polls and he has been with me around and he heard me talk. He's walked the streets."

The elder Ravenel's political career began in the South Carolina House of Representatives back in the 1950s. He was elected to the state Senate in 1981 and later served six years as congressman from the coastal 1st Congressional District. He ran unsuccessfully for governor in 1994 and later was returned to the state Senate.

Thomas Ravenel's campaign announced in mid-July it has more than $1 million on hand for the race.

Last year, Lindsey Graham spent $5.7 million on his campaign for the seat that was being vacated by Strom Thurmond. Graham's Democratic opponent, former state Court of Appeals judge and College of Charleston president Alex Sanders, raised $4.3 million.