Gowdy, a former federal prosecutor, issued a statement saying he planned to retire from Congress at the end of this term and would return to working in the justice system.
"Whatever skills I may have are better utilized in a courtroom than in Congress, and I enjoy our justice system more than our political system," the South Carolina Republican said. "As I look back on my career, it is the jobs that both seek and reward fairness that are most rewarding."
Gowdy is the latest Republican committee chairman who has announced his retirement. Unlike many others, however, Gowdy was not facing a difficult re-election campaign in 2018.
Gowdy, who was first elected in 2010 after ousting former Rep. Bob Inglis, became chairman of the House Oversight and Government Reform Committee last year after Utah Republican Rep. Jason Chaffetz left Congress.
He is likely best known for leading the House's Benghazi Select Committee, which investigated the 2012 terrorist attack in Benghazi, Libya. His investigation was heavily criticized by Democrats for using the investigation to attack former Secretary of State Hillary Clinton.
His retirement is unlikely to have an effect on the balance of power in the GOP-controlled House. The 4th Congressional District was won by President Donald Trump and 2012 GOP nominee Mitt Romney by more than 20 points in their respective elections and is almost certain to remain in GOP hands.
In a statement released shortly after Gowdy's announcement, the National Republican Congressional Committee praised the congressman and expressed confidence the GOP would retain control of the district.
US ambassador to the UN Nikki Haley -- a former Republican governor of South Carolina -- likewise praised Gowdy in a tweet.
"I always said the reason @TGowdySC was amazing at his job was bc he disliked politics so much. Trey, thank you for your impatience, sacrifice, and fight to make our country a more just place. SC and our country thank you for your service. I thank you for your friendship," Haley said.
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