Rep. David Wu (D-Ore.) intends to resign from congress late on Thursday night, National Journal reports.
Last month, Wu signaled he would step down from his post after an agreement was reached between Democrats and Republicans to raise the debt ceiling. The White House and top congressional lawmakers struck a deal to lift the deficit limit earlier this week.
According to National Journal, Wu will resign at 11:59 p.m. ET on Wednesday night.
“Serving as a U.S. Congressman has been the greatest honor of my life," said the congressman in a statement, according to the Oregonian. "There is no other job where you get up each day and ask, ‘How can I try to make the world a better place today?’"
He added, "However great the honor and engaging the work, there comes a time to hand on the privilege of elected office -- and that time has come."
Wu's resignation comes in the wake of his hometown paper, the Oregonian, publishing allegations that he had an unwanted sexual encounter with an 18-year-old woman.
In May, the woman left a voice mail about the encounter at Wu's Portland office. She has not pursued criminal charges.
Wu has told staff that his actions were consensual, but he opted to resign after House Democratic leader Nancy Pelosi requested an Ethics Committee investigation and after the state's two senators encouraged him to step down.