Texas Republican Rep. Jeb Hensarling said Tuesday he will not run for re-election next year.

“Today I am announcing that I will not seek reelection to the US Congress in 2018. Although service in Congress remains the greatest privilege of my life, I never intended to make it a lifetime commitment, and I have already stayed far longer than I had originally planned,” the eight-term congressman said in a statement.

Hensarling, who chairs the House Financial Services Committee, was first elected to Texas’ 5th District in 2002. He noted in his statement, first reported by The Dallas Morning News, that he is term-limited out of his chairmanship after this Congress and “the time seems right for my departure.”

Family considerations also played a role in the congressman’s decision.

“Throughout this time, my family has graciously sacrificed for my service. As the parents of two teenagers, Melissa and I know there are only a few years left before they leave and make their own way in life. I want to be there for those years,” he said.