Former House Speaker Kevin McCarthy announces he's resigning from Congress and will leave at the end of this year

Former House Speaker Kevin McCarthy announces he's resigning from Congress and will leave at the end of this year, per CNBC.

His decision marked a remarkable conclusion to his House career for the former deli counter owner from Bakersfield, California, who rose through state and national politics to become second in line to the presidency until his removal in October, orchestrated by a group of hard-right conservatives.

McCarthy holds the distinction of being the only speaker in history to be ousted from the position.

“Irrespective of the challenges or personal consequences, we stood by our principles,” McCarthy declared in The Wall Street Journal, revealing his choice. “It is with this conviction that I have opted to leave the House at the conclusion of this year to serve America in different capacities.”

News about McCarthy’s future was anticipated just days before the deadline for reelection filing. However, his decision sent shockwaves across Capitol Hill, further straining the already precarious House GOP majority, with only a handful of seats to spare.

This development adds to a wave of retirements in both political parties, with many members aspiring to higher office or seeking relief from the partisan discord that frequently paralyzes the chamber. Republican infighting, coupled with the recent expulsion of indicted GOP Rep. George Santos of New York, has hindered significant accomplishments, leaving the majority struggling to carry out the essential tasks of governance.

It also marks the end of an era for a cohort of House Republicans led by McCarthy, along with former Reps. Paul Ryan and Eric Cantor, known as the “Young Guns.” Their book of the same title outlined a fresh approach to GOP governance. With Ryan and Cantor already gone, McCarthy is set to follow suit.

McCarthy had steered Republicans into the majority but encountered challenges in leading the GOP’s various factions.

His removal from the speaker's role was driven by discontent among the hard-right wing of his party, particularly regarding his decision to collaborate with Democrats to keep the federal government operational instead of risking a shutdown.

House Speaker Mike Johnson of Louisiana, who succeeded McCarthy as speaker, tweeted that McCarthy had “faithfully served and sacrificed significantly for the good of our country and our cause.”

Later, speaking to reporters, Johnson described McCarthy as a “long and trusted friend” and expressed sadness at his departure.

Rep. Matt Gaetz, R-Fla., who spearheaded the effort to oust McCarthy, tweeted a one-word response to the announcement: “McLeavin.”

Gaetz later criticized McCarthy, stating that his departure would further weaken the GOP’s already fragile grip on power. “I think he should have stuck around and helped us hold a strong majority,” Gaetz told reporters. “But he left.”

McCarthy, 58, entered the House in January 2007 after serving in the California Assembly, where he held the position of minority leader. In Congress, he navigated through his party’s hierarchy before assuming the role of speaker in January.

Unusual Whales does not confirm the information's truthfulness or accuracy of the associated references, data, and cannot verify any of the information. Any content on this site or related pages are not intended to provide legal, tax, investment or insurance advice. Unusual Whales Inc. is not registered as a securities broker-dealer or an investment adviser with the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority (“FINRA”) or any state securities regulatory authority. Nothing on Unusual Whales should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any security by Unusual Whales or any third party. Options, investing, trading is risky, and losses are more expected than profits. Please do own research before investing. Please only subscribe after reading our full terms and understanding options and the market, and the inherent risks of trading. It is highly recommended not to trade on this, or any, information from Unusual Whales. Markets are risky, and you will likely lose some or all of your capital. Please check our terms for full details.
Any content on this site or related pages are not intended to provide legal, tax, investment or insurance advice. Unusual Whales Inc. is not registered as a securities broker-dealer or an investment adviser with the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority (“FINRA”) or any state securities regulatory authority. Nothing on Unusual Whales should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any security by Unusual Whales or any third party. Certain investment planning tools available on Unusual Whales may provide general investment education based on your input. You are solely responsible for determining whether any investment, investment strategy, security or related transaction is appropriate for you based on your personal investment objectives, financial circumstances and risk tolerance. You should consult your legal or tax professional regarding your specific situation. See terms for more information.