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Rep. Jeb Hensarling announced Tuesday he would not seek reelection to the House in 2018.

"Although service in Congress remains the greatest privilege of my life, I never intended to make it a lifetime commitment, and I have already stayed far longer than I had originally planned," he wrote to supporters.

The Texas Republican chairs the powerful Financial Services Committee but his term ends next year and "the time seems right for my departure," he said.

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