The North Carolina congressman, who leads the House Financial Services Committee, said he would join the growing ranks of lawmakers exiting Congress amid intense dysfunction.

N.C., who served as interim House speaker for three weeks in October, announced he plans to retire rather than run for reelection. On Tuesday, McHenry announced that while he won’t be seeking reelection,

Rep. Patrick McHenry (R-N.C.), the bow-tied lawmaker who became nationally famous for angrily banging the speaker’s gavel in the wake of former House Speaker Kevin McCarthy’s ouster, will not seek reelection.

WASHINGTON (Reuters) - Republican U.S. Representative Patrick McHenry, who served as interim speaker of the House of Representatives earlier this year, is expected to announce on Tuesday that he will not seek re-election, Politico reported on Tuesday, citing sources.

Of note: McHenry was slated to term out of his chairmanship at the end of this term. Multiple lawmakers speculated he was likely to exit, noting that he is likely to receive multiple lucrative job offers due to his position on the committee.

Representative Patrick McHenry chairs the House Financial Services Committee and has been a force in Congress behind pushing for pro-crypto legislation.

Rep. Patrick McHenry filled in as speaker during a tumultuous time in Congress this year. He won’t run for another term.

House Financial Services Chairman Patrick McHenry plans to retire when his term ends in January 2025. The North Carolina Republican’s departure will be a blow for the crypto industry, which has counted the lawmaker as one its most powerful allies on Capitol Hill.