Republican Rep. Darrel Issa will not seek reelection this year, he announced on Wednesday.

The Republican businessman — among the wealthiest in Congress — has served as a representative since 2001.

"While my service to California's 49th District will be coming to an end, I will continue advocating on behalf of the causes that are most important to me, advancing public policy where I believe I can make a true and lasting difference, and continuing the fight to make our incredible nation an even better place to call home," Issa said in a statement posted to his website.

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Issa's impending departure was first reported by the OC Daily, which said he will not seek reelection.

In Congress, Issa was a fierce critic of President Obama as former chairman of the House Oversight and Government Reform Committee. But he worked with Democrats on criminal justice and surveillance issues, and served as a relatively moderate Republican by current standards, in a moderate Republican district.

Issa's impending departure makes him the 31st Republican expected to leave the House of Representatives by 2019.

Below is Issa's full statement:

"Two decades ago, when I stepped away from the business I'd built to enter public service, I never could have imagined that a long-shot bid for U.S. Senate would lead to 18 years in the House of Representatives and endless opportunities to make a meaningful impact. From the first successful recall of a sitting Governor in California history, to establishing new and stronger standards for government accountability, to protecting the Internet from harmful regulation, and enacting the nation's first open data standards, we attempted and achieved much in the service of our nation. Together, we put an end to abusive Congressional earmarks, strengthened the Violence Against Women Act, empowered better oversight of the executive branch, and cleared the course for better intellectual property protections to stop the piracy of American ingenuity. Throughout my service, I worked hard and never lost sight of the people our government is supposed to serve. Yet with the support of my family, I have decided that I will not seek re-election in California's 49th District. I am forever grateful to the people of San Diego, Orange and Riverside counties for their support and affording me the honor of serving them all these years. Most humbling for me -- and for anyone who represents this area -- has been the special privilege of representing the Marines and Sailors of Camp Pendleton and their families. On countless occasions, and in every corner of the world I met them, I was inspired by their bravery and humbled by their sacrifice to keep us all safe from harm. Representing you has been the privilege of a lifetime. While my service to California's 49th District will be coming to an end, I will continue advocating on behalf of the causes that are most important to me, advancing public policy where I believe I can make a true and lasting difference, and continuing the fight to make our incredible nation an even better place to call home."

This is a developing story and will be updated.