Outgoing Speaker Nancy Pelosi to step down as leader of the House Democrats

Outgoing Speaker of the House Nancy Pelosi (D-Calif.) will step down from her leadership role after nearly two decades as the top Democrat in the House of Representatives, the San Francisco congresswoman announced on Thursday.

Pelosi, who in 2007 became the first woman to serve as House speaker, ended weeks of speculation about her future within the party, lauding the institution of Congress itself as "sacred ground" in a speech reportedly co-written with high-profile historian Jon Meacham.

"With great confidence in our caucus, I will not seek re-election to Democratic leadership in the next Congress," Pelosi said, as her House colleagues applauded. She confirmed, however, that she would remain in Congress to represent her home district.

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Pelosi's step back from Democratic leadership comes as Republicans take a narrow House majority following the 2022 midterms. In an interview with CNN's Anderson Cooper earlier this month, the 82-year-old lawmaker also cited the recent politically motivated attack on her husband, Paul Pelosi, as a factor in the move, saying "my decision will be affected [by] what happened the last week or two."

As both speaker and minority leader, Pelosi was instrumental in crafting the Democrats' agenda over the past two decades, including helping pass President Barack Obama's signature Affordable Care Act legislation, and overseeing the dual impeachments of President Donald Trump.

As her party pivots to minority footing for the coming term, Pelosi has singled out Rep. Hakeem Jeffries (D-N.Y.) as her successor, reportedly working to ensure he doesn't face a serious challenge for the leadership role. Without mentioning anybody by name, Pelosi acknowledged the moment as one of transitional change in her speech, saying "for me the hour has come for a new generation to lead the Democratic caucus that I so deeply respect."