FORMER SPEAKER KEVIN MCCARTHY WILL RESIGN FROM CONGRESS AT YEAR END

Former House Speaker Kevin McCarthy said Wednesday he will resign from Congress at the end of the year. McCarthy, the California Republican who was ousted as speaker by a faction of his own party two months earlier, said he is leaving “to serve America in new ways.”

The announcement immediately rocketed McCarthy to the top of the private sector’s target list of former members of Congress who would be powerful additions to a company payroll. McCarthy was a prolific fundraiser as Republican leader and later speaker, where he built a deep network of CEOs and major donors. California’s 20th Congressional District is solidly Republican, so McCarthy’s departure is not likely to result in a Democrat being elected to fill the seat. But his absence will leave the House GOP down a member for at least a few months, further narrowing its already-slim majority and exacerbating its legislative efforts.

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