President Biden on Thursday is hailing House Speaker Nancy Pelosi as the "most consequential" individual to ever hold the position in American history, saying she has bettered the "lives of millions and millions of Americans." 

Biden offered the praise just minutes after Pelosi announced she will not seek re-election as leader of the House Democratic Conference after nearly 20 years at the helm. Pelosi said she plans to remain in Congress.

"History will note she is the most consequential Speaker of the House of Representatives in our history," Biden said in a statement. "There are countless examples of how she embodies the obligation of elected officials to uphold their oath to God and country to ensure our democracy delivers and remains a beacon to the world." 

Biden said in 2007, Pelosi "made history as the first woman Speaker, but that was just the beginning of the history she has made during her four terms. 

NANCY PELOSI WILL NOT SEEK RE-ELECTION AS LEADER OF THE HOUSE DEMOCRATS 

House Speaker Nancy Pelosi delivers speech announcing she will not run for leadership re-election

House Speaker Nancy Pelosi of California acknowledges applauds from lawmakers after speaking on the House floor at the Capitol in Washington, Thursday, Nov. 17, 2022. (AP Photo/Carolyn Kaster)

Joe Biden Nancy Pelosi

U.S. Speaker of the House Nancy Pelosi talks with President Joe Biden after he signed a bill in the East Room of the White House June 13, 2022, in Washington, DC. Biden signed H.R. 3525, the "Commission To Study the Potential Creation of a National Museum of Asian Pacific American History and Culture Act." (Win McNamee/Getty Images)

"I know because I’ve seen her in action during my career as Senator, Vice President, and now as President," he continued. "With Nancy, you see a father’s daughter who learned by his side how to win and govern. With her leading the way, you never worry about whether a bill will pass. If she says she has the votes, she has the votes.  Every time." 

Biden mentioned Pelosi’s accomplishments include working with President Obama on the economy during the Great Recession, passing the Affordable Care Act and ending "don’t ask don’t tell."

President Joe Biden and Nancy Pelosi

U.S. President Joe Biden, CEO of SparkCharge Joshua Aviv and Speaker of the House Nancy Pelosi arrive for a signing ceremony for the CHIPS and Science Act of 2022 on the South Lawn of the White House on Aug. 9, 2022 in Washington, DC. (Chip Somodevilla/Getty Images)

"In the first two years of my presidency, she is a singular force securing once-in-a-generation bills that will define our nation for decades to come," he also said. "The American Rescue Plan to get us through COVID-19. The Bipartisan Infrastructure Law to rebuild our roads and bridges. The CHIPS and Science Act to ensure the most advanced manufacturing is done here in America. The most significant gun safety law in nearly thirty years – for the children." 

CLICK HERE TO GET THE FOX NEWS APP 

"Because of Nancy Pelosi, the lives of millions and millions of Americans are better, even in districts represented by Republicans who voted against her bills and too often vilify her," Biden continued. "And, as a fierce defender of democracy through our laws, history will also note her fierceness and resolve to protect our democracy from the violent, deadly insurrection of January 6th." 

Biden ended his statement by saying that "As a nation, we owe her a deep debt of gratitude for her service, her patriotism, and above all, her absolute dignity."