California congressman Devin Nunes announced Thursday that he would not seek to replace Paul Ryan as chairman of the House Ways and Means Committee, making it a two-man race for the gavel.

Pat Tiberi of Ohio and Kevin Brady of Texas will run against each other for the post, which involves broad jurisdiction over matters of taxes, trade, and entitlement programs.

Nunes said he had decided to remain in his current role as chairman of the House Intelligence Committee, after consulting with Ryan, who was installed as House Speaker Thursday.

"Our nation faces unprecedented global threats ranging from the growing risk of deadly terrorism to debilitating cyber-attacks, and the Intelligence Community's response to these threats requires diligent congressional oversight," Nunes said in a statement. "After careful reflection and in light of the Speaker's wish for me to continue this important role, I have decided to remain Chairman of the House Intelligence Committee."

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