Franks' statement is expected to come Thursday night.
Franks told Roll Call that a statement would be forthcoming. The Republican said the congressman had apparently been making plans to run for Senate in 2012, but abruptly canceled those plans. "And if this turns out to be true, there won't be that many people who are surprised". "There's been rumors swirling around him for years", the Republican said.
Franks, 60, a member of the conservative House Freedom Caucus, represents Arizona's 8th Congressional District, a mainly suburban area of Phoenix.
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Franks drew a sharp response from Democrats during a 2013 House committee debate when he said "the incidence of rape resulting in pregnancy are very low". But no revelations were aired in the aftermath of the decision, and Franks went on to assume the chairmanship of a House Judiciary subcommittee. It did not elaborate why Franks has chosen to resign.
Franks was first elected to Congress in 2002 and was reelected in 2016 by a 37-point margin. He made his fortune in the oil business and also founded a socially conservative think tank.
Franks' expected resignation was initially reported by Roll Call.