President Trump Donald John TrumpBiden on Trump's refusal to commit to peaceful transfer of power: 'What country are we in?' Romney: 'Unthinkable and unacceptable' to not commit to peaceful transition of power Two Louisville police officers shot amid Breonna Taylor grand jury protests MORE will nominate retiring Rep. Darrell Issa (R-Calif.) to head the United States Trade and Development Agency, the White House announced Wednesday.

The Trade and Development Agency is designed to help U.S. companies create jobs through the export of U.S. goods and services.

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Issa, one of the wealthiest members of Congress, previously served as CEO of Directed Electronics, an automobile security device business that he co-founded.

The former House Oversight and Government Reform Committee chairman was previously rumored to be considered for the post of director of the Consumer Financial Protection Bureau (CFPB), but he tamped down those rumors in an interview with The Hill in June.

Issa, who has served in the House since 2001, announced in January that he would not be seeking reelection in November's midterms to his seat representing California's 49th Congressional District. Issa faced a tough path to reelection in an increasingly Democratic district.

Issa, however, previously didn't rule out the possibility of running in a neighboring San Diego district if embattled Rep. Duncan Hunter (R-Calif.) were to resign, The Hill reported in January. Hunter had been dogged by federal and congressional ethics investigations and was criminally charged last month for violating campaign finance law.