"Tom Price is a committed conservative and a good friend," Ryan, chair of the Ways and Means Committee, said in a statement, according to Politico. "He and I have served for years together on the Budget and Ways and Means Committees, working to pay down our debt, fix our tax code, and grow our economy. Tom has a proven record of advancing conservative solutions and principles. He has the knowledge and skills needed to be an effective Majority Leader, and I’m proud to support him."
Hensarling, who had been mulling a bid for a leadership position, announced on Monday that he would not run and threw his support behind Price.
"After prayerful consideration, Chairman Hensarling is not a candidate for a leadership position. He will support Chairman Price for Majority Leader," Hensarling spokeswoman Sarah Rozier told Politico.
Price, the former chair of the House Republican Study committee, did not run for a top leadership position in 2014 after former House Majority Leader Eric Cantor (R-VA) lost his seat, and instead sought out the position of Budget Committee chairman.