Republican House Speaker Paul Ryan Not Seeking Re-election
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Republican House Speaker Paul Ryan says he will serve out his term before retiring in January.

During a press conference Wednesday, Ryan said that he will leave the speakership with "no regrets."

"I am not resigning," Ryan declared. He added, "I am leaving the majority with what I believe is a very bright future."

"I think we've achieved a lot. I did not seek this job I took it reluctantly but I have given this job everything I have," said Ryan at the press conference. He said he had "no regrets" for having accepted the responsibility of the speakership. 

Ryan cited being with his family, namely his children as reason for wanting to leave office. He said it's easy for the speaker role "to take over everything in your life and you can just let that happen, but there other things in life that are fleeting as well."

He added, "My kids will only have known me as a weekend dad, I just can't let that happen."

Ryan's plans have been the source of much speculation, amid Republican concerns over keeping their majority in the House of Representatives.

Ryan was first elected to Congress in 1998. He was elected House speaker in 2015 after former House Speaker John Boehner retired. He was former GOP presidential nominee Mitt Romney's running mate in 2012.

Ryan and his wife have three children.

(AP, CBS News contributed to this report.)

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