Nancy Pelosi, who has led Democrats in the US House of Representatives for almost two decades, has announced she is standing down from the role, APA reports citing Reuters.
The 82-year-old is the most powerful Democrat in Congress and the first woman to serve as speaker of the House.
She will continue to represent her California district in the lower chamber of Congress.
It comes as Republicans are projected to take back control of the House following the midterm elections.
Republican Kevin McCarthy has won the party's nomination to be speaker in the new Congress and is likely to succeed Mrs Pelosi as speaker.
Speaker of the House is the one congressional job detailed in the US Constitution. After the vice-president, it is next in line to the presidency.
The speaker and their deputies and committee chairs determine what bills are considered and voted on. They set the agenda and decide the rules governing debate.
Mrs Pelosi became minority leader, the title held by the person leading the opposition in the House, in 2003.
The Democrats then took control of the House for the first time in more than a decade in 2006, and she became the first woman to lead a major party in either chamber of Congress.
Mrs Pelosi became minority leader again four years later but returned to the speaker's chair in 2018.