House Speaker Paul Ryan announces he will step down

House Speaker Paul Ryan said Wednesday he decided not to run for re-election so he could spend more time with his three children. 

He explained during a press conference Wednesday that if he were to stay one more term his children would only know him as a "weekend dad."

Ryan, who has been in Congress since 1999, will serve out the remainder of his term and leave office in January. The congressman cast it as a personal decision to see more of his teenage children before they are fully grown.

Ryan told reporters the prospect of Democrats taking the House majority in November had no bearing "whatsoever" on his decision not to run. He also believes his retirement will not have an effect on Republicans' ability to keep their seats.