House Budget Committee Chairman Tom Price on Monday received the backing of two powerful committee chairman for his bid to be the next House majority leader.

House Ways and Means Committee Chairman Paul Ryan (R-Wisc.) and Financial Services Committee Chairman Jeb Hensarling (R-Texas) both announced they endorse Price. Ryan, who preceded Price as Budget Committee chairman, called the Georgia Republican a committed conservative and friend.

“Tom has a proven record of advancing conservative solutions and principles,” Ryan said in a statement. “He has the knowledge and skills needed to be an effective Majority Leader and I’m proud to support him.”

Ryan told reporters on Friday that he would not be running for any leadership positions but waited until Monday to endorse Price. Hensarling did not announce formal plans to seek a leadership position in the wake of the surprise resignation Friday of House Speaker John Boehner (R-Ohio), but he was widely considered to be a potential contender. He ended that speculation Monday morning by backing Price.

“After prayerful consideration, Chairman Hensarling is not a candidate for a leadership position,” said Hensarling spokeswoman Sarah Rozier. “He will support Chairman Price for Majority Leader.”

Price’s main competition for the majority leader job is current GOP Whip Steve Scalise (R-La.) who is also expected to seek the job if, as expected, current House Majority Leader Kevin McCarthy (R-Calif.) runs to replace Boehner as speaker when he steps down Oct. 30.