Republican Rep. Peter King has announced he will step down as chairman of the House Committee on Homeland Security.

The New York congressman must resign because of party rules that limit committee chairmanships to six years, and King has already had a one-year extension that he is now finishing.

He made the announcement Saturday to the New York Daily News, and no short list of names has emerged as a possible replacement. However, Alabama Rep. Mike Rogers, chairman of the Homeland Security Subcommittee on Transportation Security, has been mentioned as a potential replacement.

King is still a member of the House Intelligence Committee and is expected to take over as chairman of the Homeland committee’s Counterterrorism and Intelligence Subcommittee.

The amount of money the federal government has given U.S. cities to protect against terrorism has reportedly declined 40 percent over the past three years.