By Michael Hernandez

WASHINGTON

U.S. House Speaker Paul Ryan announced Wednesday he will not seek another term in office, setting in motion the end to his tenure helming a divided Republican caucus.

Ryan's decision comes as Republicans seek to retain their hold on the House of Representatives in November's midterm elections. All 435 House seats will be up for contention as Democrats seek greater in-roads in the chamber in which 29 Republicans have said they will not seek a new term.

"I have given this job everything that I have and I have no regrets whatsoever for having accepted this responsibility," Ryan told reporters at the Capitol in Washington DC, saying he does not want to be a "weekend dad" to his children.

The decision comes just months after Republicans were able to complete an overhaul of the U.S. tax code, a goal Ryan had long sought as a centerpiece to his time in office.

The outgoing House speaker maintained that he believes his party will continue to hold the majority in the chamber come November, and said he has "every confidence I will be handing this gavel on to the next Republican speaker of the House next year".

He said he will continue to serve until his term runs out in January 2019.

Ryan has faced a litany of legislative challenges during his time at the top of the House. Congressional Republicans have been fractured between traditionalists and far-right members, causing headaches for the speaker as he sought to push the Republican legislative agenda through the House.

Only 11 Democrats have said they would retire from the House.