New York Republican Rep. Chris Collins, who was arrested and indicted on charges related to securities fraud earlier this week, has suspended his re-election campaign.

“Democrats are laser focused on taking back the House, electing Nancy Pelosi Speaker and then launching impeachment proceedings against President Trump,” Collins said in a statement Saturday. “They would like nothing more than to elect an ‘Impeach Trump’ Democrat in this District, which is something that neither our country or my party can afford.”

“After extensive discussions with my family and my friends over the last few days, I have decided that it is in the best interests of the constituents of NY-27, the Republican Party and President Trump’s agenda for me to suspend my campaign for re-election to Congress,” the three-term congressman added.