U.S. Rep. Michael Grimm, R-N.Y., announced late Monday that he will resign from Congress, one week after he pleaded guilty to a federal tax evasion charge.

Grimm was re-elected to serve a third term representing New York's 11th District in November despite his legal troubles, but he said in a statement Monday that he cannot continue to perform his job as necessary and will step down on Jan. 5, reported the New York Daily News.

"This decision is made with a heavy heart, as I have enjoyed a very special relationship and closeness with my constituents, whom I care about deeply," Grimm said. "The events which led to this day did not break my spirit, nor the will of the voters. However, I do not believe that I can continue to be 100 percent effective in the next Congress, and therefore, out of respect for the Office and the people I so proudly represent, it is time for me to start the next chapter of my life."

The former FBI agent and Marine pleaded guilty on Dec. 23 to one count of aiding in the preparation of a false tax return and could serve up to three years in prison under a plea agreement, with sentencing set for June 8.

Grimm was accused of underreporting more than half a million dollars in sales and wages at his Manhattan restaurant Healthalicious, among other charges, reported TIME.

Immediately following his guilty plea last week, Grimm told reporters he would "absolutely not" resign, but he likely changed his mind after a meeting with House speaker John Boehner on Monday.

According to House rules, any member convicted of a crime carrying a two-year-plus prison sentence should first win re-election before participating in committee meetings or votes on the floor, which would effectively disenfranchise Grimm's district, reported The New York Times.

Grimm's resignation is effective one day before Congress convenes on Jan. 6, and will reduce the GOP majority from 247 seats to 246.

"It has been an honor and a privilege to serve the hardworking families on both sides of the Verrazano, and I am sincerely grateful for the love and support that I have received from so many over the past few difficult months," Grimm continued in his statement. "I have seen first-hand how extraordinary the people of this district are - their values, their love of community, and their care for each other in the best and worst of times - it is humbling. I am grateful, and I will always keep them in my prayers."

Grimm made headlines in January after threatening to break a reporter in half and throw him off a Capitol Hill balcony, noted The Times.