Paul Ryan

Updated at 3:00 p.m. ET

House Speaker Paul Ryan announced Wednesday that he will not seek re-election and will retire in January.

"You all know I did not seek this job," Ryan said, addressing reporters. "I took it reluctantly. ... I have no regrets."

Ryan, 48, cited wanting to be around his adolescent children more often.

This Feb. 1, 2013, file photo shows a "bump stock" next to a disassembled .22-caliber rifle at North Raleigh Guns in Raleigh, N.C. A similar device was used by the gunman in Las Vegas who killed 58 people
Allen Breed / Associated Press

Rep. Peter Welch says he's disappointed that House Speaker Paul Ryan has decided not to pursue legislation that would ban the devices used in the Las Vegas shootings that allow semi automatic rifles to function more as automatic weapons.