Trump transition live updates: Pam Bondi named as new AG pick after Gaetz drops out

Illinois Democratic Rep. Sean Casten suggested that he plans to still move forward with forcing the House to vote on compelling the Ethics Committee to release its report on Matt Gaetz.

"While I welcome the news that Matt Gaetz is withdrawing from consideration for Attorney General, it remains important that the Gaetz report be made available to the American people," he said in a statement Thursday.

Casten introduced a privileged resolution on Wednesday night to force the House to vote to release the report. Speaker Mike Johnson said earlier Thursday the House will take a vote on the resolution after Thanksgiving.

-ABC News' Lauren Peller

Outgoing Transportation Secretary Pete Buttigieg said he reached out to Trump's pick for his successor, businessman and Fox News contributor Sean Duffy, and had a good conversation.

"I reached out to Mr. Duffy yesterday to congratulate him on getting what I believe is the best job in the federal government. Let him know that, upon confirmation, he'll be working with some of the -- in my biased opinion -- the best men and women in the in public service, and that there is a great tradition of former secretaries from either party rooting for the success of the department long after they leave, and I hope to be part of that tradition," Buttigieg said during a summit of progressive local and state officials in Washington, D.C.

He told MSNBC that he's not sure what his next step is, but regardless is looking forward to spending more time with his children and whatever he decides will have "a little distance" between himself and D.C.

"I know I will make myself useful, later, I just don’t know how," he said.

-ABC News' Brittany Shepherd

The head of the Securities and Exchange Commission, Gary Gensler, will step down on Jan. 20, 2025, the agency announced Thursday.

Gensler has faced fierce opposition from the cryptocurrency industry and Wall Street over his tough regulatory agenda. Trump had vowed to fire him, drawing praise from the crypto industry.

Gensler's five-year term was not set to run out until 2026, but it was widely expected that he would resign.

"The SEC has met our mission and enforced the law without fear or favor," Gensler said in a press release.

His resignation will leave a key post for Trump to fill -- the SEC serves as Wall Street's top regulator.

-ABC News' Elizabeth Schulze

President-elect Trump said he "greatly appreciate[s] the recent efforts of Matt Gaetz in seeking approval to be Attorney General" in a social media post shortly after Gaetz announced his withdrawal from the role.

"He was doing very well but, at the same time, did not want to be a distraction for the Administration, for which he has much respect. Matt has a wonderful future, and I look forward to watching all of the great things he will do!" Trump posted.

Gaetz informed Trump late Thursday morning he'd be withdrawing, sources told ABC News.

Sources told ABC News in the last few days it became clear to the Trump team that Gaetz was not going to have enough votes for a Senate confirmation -- with sources close to the president-elect telling ABC News that there was "no path to 50" senators.

-ABC News' Jonathan Karl, John Santucci, Katherine Faulders and Lalee Ibssa