Rep. Steve Russell (R-Okla.) announced Tuesday that he’s running to lead the House Oversight Committee, making him the first Republican to formally enter the race to succeed outgoing Chairman Jason Chaffetz Jason ChaffetzThe myth of the conservative bestseller Elijah Cummings, Democratic chairman and powerful Trump critic, dies at 68 House Oversight panel demands DeVos turn over personal email records MORE (R-Utah).

Russell is considered a long shot to win the coveted, high-profile gavel. Rep. Trey Gowdy Harold (Trey) Watson GowdySunday shows preview: Election integrity dominates as Nov. 3 nears Tim Scott invokes Breonna Taylor, George Floyd in Trump convention speech Sunday shows preview: Republicans gear up for national convention, USPS debate continues in Washington MORE (R-S.C.) is considered the front-runner for the spot, if he chooses to run.

Russell, first elected to the House in 2014, is 18th in seniority on the House Oversight Committee.

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A statement from Russell’s office cited his record of getting four bills signed into law that were estimated to save $4 billion, as well as publications on what he considers wasteful government spending.

“Consistent with the mission of the House Oversight and Government Reform Committee, his focus has been government reform,” the statement reads.

Gowdy, who led the select panel that investigated the 2012 attack in Benghazi, has not formally announced whether he’ll seek the Oversight gavel.

The Hill reported last week that Gowdy has been contacting members of the House Steering Committee, which decides committee assignments, about the gavel. He’s considered a lock to win the Oversight post if he wants it.

Gowdy has not yet made a decision on whether to seek the chairmanship, spokeswoman Amanda Gonzalez said Tuesday.

Gowdy, a former prosecutor, proved himself to House GOP leaders after running the Benghazi panel. The committee's investigation helped uncover that Hillary Clinton Hillary Diane Rodham ClintonHillicon Valley: FBI chief says Russia is trying to interfere in election to undermine Biden | Treasury Dept. sanctions Iranian government-backed hackers The Hill's Campaign Report: Arizona shifts towards Biden | Biden prepares for drive-in town hall | New Biden ad targets Latino voters FBI chief says Russia is trying to interfere in election to undermine Biden MORE was using a private email server while serving as secretary of State, which became an issue that dogged her presidential campaign in 2016.

Still, if Gowdy were to become the next chairman, he'd be tasked with the potential political landmine of leading oversight of a Republican administration.

He'd inherit a review established by Chaffetz of whether ousted White House national security adviser Michael Flynn improperly accepted foreign payments for a 2015 paid speech in Russia.

Chaffetz has also asked the FBI for documentation of memos written by former FBI Director James Comey alleging that President Trump pressured him to drop the agency's investigation of Flynn. The White House denies the allegations.

Chaffetz invited Comey to testify at a hearing this week. That hearing has since been postponed to give the former FBI director time to consult with Robert Mueller, the special counsel now leading the agency's investigation of the Russian government's attempts to influence the 2016 election.

Rep. Dennis Ross (R-Fla.) has also been reaching out to the Steering Committee, but has said he’d defer to Gowdy if he decides to run.

The House Oversight Committee is stacked with members of the conservative Freedom Caucus, many of whom think Rep. Jim Jordan (R-Ohio) should be the next chairman.

But Jordan, despite being third in seniority, acknowledged he likely wouldn’t get the endorsement of the GOP leadership-allied Steering Committee. The Freedom Caucus has frequently clashed with GOP leaders since its inception in 2015, particularly after it pushed then-Speaker John Boehner John Andrew BoehnerLongtime House parliamentarian to step down Five things we learned from this year's primaries Bad blood between Pelosi, Meadows complicates coronavirus talks MORE (R-Ohio) to resign.

A GOP aide confirmed on Tuesday that Jordan has decided not to seek the Oversight gavel.

Chaffetz announced last week that he will leave Congress at the end of June.