"The statue is a wonderful likeness of Ronnie and he would have been so proud," Reagan said while tearing up, according to the Associated Press.
Pelosi, also speaking at the ceremony, applauded her fellow Californian's good humor as well as his willingness to reach across the aisle.
"President Reagan understood that bipartisanship and civility were important in all our debates. Ever a gentleman, he never questioned the motives of the person because he knew people in public office loved our country and acted on behalf of the American people," Pelosi said. "President Reagan said, we must 'not only preserve the flame of freedom, but we must cast its warmth and light further than those who came before us.' That is our responsibility."
Pelosi also addressed Nancy Reagan, saying that the ceremony honored her as well as her husband.
"Mrs. Reagan, with your presence here today, I hope you know that we honor you. Not only for your support of the president, but for turning that support and love into action," Pelosi said. "Your support for stem cell research has made a significant difference in the lives of many American people. It has saved lives, it has found cures, it has given hope to people."
Reagan turned to advocacy, becoming an outspoken activist for stem-cell research, after Mr. Reagan died in 2004 at the age of 93. His funeral service was held in the Rotunda as well.
"The last time I was in this room was for Ronnie's service, so it's nice to be back under happier circumstances," Reagan said.
Pictured above is Pelosi wiping a tear from Reagan's eye during the ceremony. Below is Reagan and House Minority Leader John Boehner bowing their heads in prayer in the Capitol Rotunda in front of the new statue.