House Speaker Paul Ryan will not run for reelection in November and retire from Congress at the end of his term, the speaker announced Wednesday.
The resignation of Mr Ryan - whose role as House speaker places him second in line to the president - will spark speculation about whether he could mount a White House campaign.
In Congress, Ryan earned a reputation as a fiscal policy expert, serving as chairman of the House Budget Committee from 2011 until 2015, but as speaker was a driving force behind a Republican tax overhaul passed by Congress past year that is projected to balloon the federal deficit.
Ryan was elected by his colleagues in 2015 to replace John Boehner as speaker following Boehner's retirement. He was former GOP presidential nominee Mitt Romney's running mate in 2012.
A statement from his adviser, Brendan Buck, said: "This morning Speaker Ryan shared with his colleagues that this will be his a year ago as a member of the House".
MSNBC reports NBC News has confirmed Speaker Ryan will not seek re-election.
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"We all know that I did not seek this job, I took it reluctantly, but I have given this job everything I have and I have no regret whatsoever in accepting this responsibility", Ryan said at a press conference.
Following the announcement, President Donald Trump tweeted his thank you to Ryan.
"Speaker Ryan has served our country well for decades as a thoughtful policy leader in the House", he told CNN.
He spoke to the media this morning and said "I did not seek this job".
Democrat Randy Bryce, a colorful ironworker who has cultivated an "IronStache" moniker, had been Ryan's best-known challenger, drawing liberal support from around the country. The only declared Republican was Paul Nehlen, who was banned from Twitter for a series of posts criticized as racist or anti-Semitic.