“Although I am humbled by the calls, emails, and conversations from my colleagues encouraging me to return to leadership for the remainder of the 113th Congress, I will not be a candidate for Majority Leader next week," he said in a statement. "After prayerful reflection, I have come to the conclusion that this is not the right office at the right time for me and my family. I look forward to working with the new Majority Leader to fight for a freer, stronger, more prosperous America as Chairman of the Financial Services Committee and the Representative of the Fifth District of Texas."
His decision will disappoint tea party members like Reps. Matt Salmon (R-AZ) and Mick Mulvaney (R-SC) who on Wednesday were pushing him to run for Eric Cantor's job. It paves the way for House Majority Whip Kevin McCarthy (R-CA) and Rules Committee Chair Pete Sessions (R-TX) to face off for the coveted post that Cantor will vacate on July 31 after losing his GOP primary race Tuesday night.
McCarthy, who was endorsed by Cantor, is the favorite to win the race. The intra-conference election will be held on June 19.