Updated at 3:00 p.m. ET
House Speaker Paul Ryan announced Wednesday that he will not seek re-election and will retire in January.
"You all know I did not seek this job," Ryan said, addressing reporters. "I took it reluctantly. ... I have no regrets."
Ryan, 48, cited wanting to be around his adolescent children more often.
"My kids aren't getting any younger," Ryan said, "and if I stay, they'll only know me as a weekend dad. That's it right there."