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House Speaker Paul Ryan (R-Wisconsin) announced his decision to not seek re-election in November and retire from Congress in January.

Speaker Ryan made the announcement during his a press conference on Wednesday. His decision is a major blow to the Republican Party, which is hoping to keep a majority control in the House.

In his remarks, the House Speaker said, “You realize something when you take this job. It’s a big job with a lot of riding on you and you feel it. You also know that this is a job that does not last forever. You realize that you hold the office for just a small part of our history. So you better make the most of it. It’s fleeting and that inspires you to do big things…I think we have achieved a heck of a lot.”

Speaker Ryan also reminded reporters that he took the job “reluctantly” in 2015. However, he made it clear that he “gave everything he had” to perform his duty. He said, “I have no regrets whatsoever for having accepted this responsibility.”

Furthermore, Speaker Ryan said being a House Speaker is “one of the two greatest honors” of his life. The job provided him incredible opportunities, but he can’t let it takeover everything in his life especially his time as a husband and dad—the other great honor of his life.

“That’s why today, I am announcing today that this year would be my last one as a member of the House. To be clear, I am not resigning…but I will be retiring in January,” said Speaker Ryan.

According to Speaker Ryan, he’s been a member of the Congress for almost two decades. He explained that if he will stay for another term in Congress, his kids who are now teenager will only know him as a weekend dad. He said, “I can’t just let that happen.”

Moreover, the House Speaker said he is proud of his party’s achievements. “I am really proud of what we’ve been able to do.” He said his two biggest achievements is the passage of legislation that reforms the nation’s tax code and rebuilds the military.