Rep. Jeb Hensarling, the ranking Republican on the House Financial Services Committee's financial institutions subcommittee, was elected chairman of the Republican Conference on Wednesday.

The Texas Republican will succeed Rep. Mike Pence of Indiana in next Congress in that role, which is the No. 4 leadership position for the House GOP.

Rep. Michele Bachmann, R-Minn., a popular Tea Party movement advocate who also is on the financial services panel, had entered the race but dropped out last week and said she was supporting Hensarling.

"These are historic times for our country and the Republican Party. I am humbled that my colleagues in the House Republican Conference have entrusted me with this position on their leadership team," said Hensarling in a press release. "Our nation is at a tipping point. The days ahead will be full of opportunities and challenges."

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