Nancy Pelosi Announces , She Will Step Down As , House Democratic Leader.br On November 17, House Speaker Nancy Pelosi, br who has led House Democrats for twenty years, br announced that she would step down from leadership.br 'Time' reports that Pelosi said she will br continue to serve as a representative while br relinquishing her role as the Speaker of the House.br No matter what title you all, my colleagues, br have bestowed on me, speaker, leader, whip, br there is no greater official honor for me br than to stand on this floor and speak br for the people of San Francisco, Nancy Pelosi, Democratic Speaker of the House, via 'Time'.br This I will continue to dobr as a member of the House, Nancy Pelosi, Democratic Speaker of the House, via 'Time'.br In 2002, Pelosi became the first br woman to lead a major br party in either chamber. .br In 2006, she first took up br the speaker's gavel following br midterm elections. .br When I think of Nancy Pelosi, I think br of dignity. History will note she is the br most consequential Speaker of the br House of Representatives br in our history, Joe Biden, President of the United States, via 'Time'.br When I think of Nancy Pelosi, I think br of dignity. History will note she is the br most consequential Speaker of the br House of Representatives br in our history, Joe Biden, President of the United States, via 'Time'.br The announcement comes just one br day after Republicans won enough br seats to gain control of the chamber. .br 'Time' reports that the passing of br the torch is likely to empower the next br generation of Democratic leaders. .br Those leaders include br New York Rep. Hakeem Jeffries, br who is seen as a likely replacement for Pelosi. .br According to 'Time,' Representatives Katherine Clark of Massachusetts and Pete Aguilar of California br are also considered contenders.br According to 'Time,' Representatives Katherine Clark of Massachusetts and Pete Aguilar of California br are also considered contenders.br However, Rep. Kevin McCarthy, who won the Republicans' nomination for the job on Nov.