It's official: Speaker Nancy Pelosi is stepping down from House Democratic leadership after 20 years of leading the caucus.

Pelosi announced her retirement as House Democratic leader Thu. in a stirring speech on the House floor.

Pelosi told the chamber Thu. that it was time for a "new generation" of Democrats to lead the party in 2023:

Pelosi isn't the only one: Majority Leader Steny Hoyer and Majority Whip Jim Clyburn also announced their retirements Thu..

Pelosi: "I never intended to run for public office."

Pelosi: "...in my 35 years in the House, I have seen this body grow more reflective of our great nation."

Pelosi: "When I entered Leadership in 2002, there were eight of us. Today, there are seventeen Members of the Leadership."

Pelosi: "...it has been my privilege to play a part in forging extraordinary progress for the American people."

Pelosi: "...no matter what title....there is no greater official honor for me than...to speak for...San Francisco."

Pelosi: "This I will continue to do as a Member of the House: speaking for the people of San Francisco..."

Pelosi: "...every day, I am in awe of the majestic miracle that is American Democracy."

Who will succeed Pelosi as leader of the House Democrats? NY Rep. Hakeem Jeffries has the backing of Clyburn and Hoyer.

Democrats are set to vote on new leadership on Nov. 30. If he wins, Jeffries would be Congress's first Black party leader.