House Speaker Nancy Pelosi (D-CA) announced on Thursday that she will not seek reelection to the leadership of the Democratic caucus, effectively resigning as House leader of the Democrats and making way for new leadership in the party. Pelosi received multiple standing ovations during her floor speech in which she waxed nostalgic about first seeing the U.S. Capitol as a six-year-old when her father took his oath of office.

RELATED: Reports: Pelosi to retire from House leadership — but remain in Congress? Update: Confirmed: Backbencher in name only; Update: Hoyer too