Oklahoma Rep. Tom Cole, elected chairman of the NRCC shortly after the 2006 election, has bowed out of the race to keep his leadership post. After defeating Texas Rep. Pete Sessions for the job two years ago, Cole's exit paves the way for Sessions to take over for the 2010 election cycle.

Like Cole, Sessions will head the Republican House campaign arm following a big-loss election. After losing 30 House seats in 2006, Republicans will have at least 20 less seats in the next Congress -- with a few races still undecided.

Here is Cole's statement, on handing over the reins to Sessions:

I want to congratulate Pete Sessions on his election as the next Chairman of the National Republican Congressional Committee. It has been my great privilege to serve as Chairman of the NRCC, and I wish my friend Pete every success. While the past two years brought many challenges to this Committee, I was honored every step of the way to be able to serve my colleagues and my Party. To the legions of conservatives throughout America who dedicated their time and resources to helping the NRCC elect Republicans to Congress this year, I am truly grateful. I also want to thank my staff at the NRCC. They have done a tremendous job and I will always remember their dedication and their professionalism. As a new team takes the reigns of this Committee next year, I look forward to helping make their transition seamless.