Liberal MP Bob Rae formally announced his candidacy for the party leadership on Thursday, saying he will not run from his controversial record as premier of Ontario.

Rae was Ontario NDP leader during his term as premier, from 1990 to 1995 — a period marked by the province's worst economic downturn since the Depression, including record deficits and high unemployment.

"We all know, and you know and I know, that my track record in governing during tough times is of course going to come under scrutiny. But you know, I don't mind that at all," Rae said in announcing his Liberal leadership bid in Ottawa.

"It's a simple fact that I couldn't hide my record even if I wanted to, and I don't, because it's part of my life, something I'm proud of and it's not something that I would run from — the very valuable lessons that I learned from the experience of governing Ontario during very tough times."

Rae said the Liberal party has undergone five tough years and is down in popularity, seat count, membership and finances. He said it needs "ready, proven leadership" to turn it around.

Rae said the party needs to grow beyond its existing base and adapt a 308-seat strategy. There "can be no part of the country that the Liberal party does not feel at home," he said.

To attract more members, Rae said he would propose an amendment to party rules making party membership free.

So far, Rae and Toronto MP Michael Ignatieff are the only two Liberals to formally declare their leadership run. New Brunswick MP Dominic LeBlanc has announced his intention to run.

The leadership convention will be held in Vancouver from April 30 to May 3.

Several other people seen as potential contenders have said they won't be entering the contest. They include:

• David McGuinty.
• Gerard Kennedy.
• Denis Coderre.
• Martha Hall Findlay.
• John Manley.
• Frank McKenna.
• Martin Cauchon.