Hesitant to run at first, the Republican from Wisconsin eventually gained support of the majority of Republicans in Congress to succeed John Boehner of Ohio for the job.
Paul Ryan, 45, was Republican presidential candidate Mitt Romney’s running mate in the 2012 election.
He has helped determine budget and tax policy in Congress and said he only wanted the job to unify Republicans.
In his new position, Paul Ryan will be second in line to the presidency only behind the vice-president.
Among other responsibilities, the speaker acts as presiding officer over the House for administrative and business matters.
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