Republican House Speaker Paul Ryan will not run for re-election, The Associated Press has learned.
"This morning Speaker Ryan shared with his colleagues that this will be his past year as a member of the House".
For months, speculation has suggested Ryan, R-Janesville, would retire from Congress after serving there for two decades.
"This morning Speaker Ryan shared with his colleagues that this will be his a year ago as a member of the House", Ryan aide Brendan Buck said in a statement. Ryan's office later confirmed the news, saying Ryan would serve out the remainder of his term before retiring in January.
Brendan Buck, counselor to the speaker, says the "the speaker is proud of all that has been accomplished".
A source familiar told CNN that Ryan called House Majority Leader Kevin McCarthy about his retirement before the news broke.
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Ryan, who was elected speaker in 2015 to replace outgoing John Boehner, is among a wave of House Republicans who have retired or announced they will not seek re-election in this year's mid-term elections.
Democrats were quick to pounce on Ryan's decision on Wednesday.
The House speaker has scheduled a news conference for 10am local time (3pm Irish time).
"The Speaker assured the president that those were not accurate reports and that they look forward to working together for a long time to come", Sanders said.
"He is not running for reelection", said Rep. Mark Meadows, R-N.C., chairman of the House Freedom Caucus. "He will be successful in any future endeavor and I wish him all the best".