Former House Speaker Nancy Pelosi on Monday gave her much-anticipated endorsement of Vice President Kamala Harris to be the Democratic Party's nominee for president, the most significant endorsement yet in the high-stakes political drama.

Her public backing of Harris came about 24 hours after President Joe Biden's announcement he was bowing out of the 2024 race.

"America has been truly blessed by the wisdom and leadership of President Joe Biden. With love and gratitude, I salute President Biden for always believing in the possibilities of America and giving people the opportunity to reach their fulfillment. As one of our country's most consequential presidents, President Biden has been not only on the right side of history, but on the right side of the future," Pelosi, D-Calif., said in a statement.

"Today, it is with immense pride and limitless optimism for our country's future that I endorse Vice President Kamala Harris for President of the United States. My enthusiastic support for Kamala Harris for President is official, personal and political," she continued.

"Officially, I have seen Kamala Harris's strength and courage as a champion for working families, notably fighting for a woman's right to choose. Personally, I have known Kamala Harris for decades as rooted in strong values, faith and a commitment to public service. Politically, make no mistake: Kamala Harris as a woman in politics is brilliantly astute – and I have full confidence that she will lead us to victory in November."

While Pelosi, 84, did not publicly call on Biden to withdraw from the race, her ambiguous public comments created the space over the past three weeks for rank-and-file Democrats to pressure the president to drop out. She and other leading members of the Democratic Party told Biden that they were concerned about his staying in the race, and how that could have an impact on Democratic candidates down-ballot.

Despite turning over the reins of the Democratic caucus to Rep. Hakeem Jeffries in 2023, Pelosi still has significant influence over members given her unmatched fundraising prowess that's shaped Democratic politics and candidates for decades.

"In the Democratic Party, our diversity is our strength and our unity is our power. Now, we must unify and charge forward to resoundingly defeat Donald Trump and enthusiastically elect Kamala Harris as the next President of the United States. Onward to victory!" Pelosi said.