He instead declared that he would be pursuing a career in the justice system, claiming, "I enjoy our justice system more than our political system".
"As his friend, I will miss the regular interaction in Washington, D.C., and back home in SC".
Additionally, Trump found himself under scrutiny from the House and Senate Intelligence Committees, as well as the Senate Judiciary Committee, most prominently in their parallel investigations of Russian interference in the 2016 election.
Gowdy was all but handpicked by House GOP leaders last summer to succeed Rep. Jason Chaffetz, R-Utah, who retired and became a Fox News contributor.
Many retiring chairmen have exhausted the six-year term limit enshrined in Republican conference rules, but Gowdy was just named to head Oversight, and he could have wielded the gavel for years to come, provided Republicans held the majority.
Gowdy is the second high profile Republican chairman to announce he will not seek reelection this week alone.
The Benghazi panel revealed the existence of former Secretary of State Hillary Clinton's private email server and controversies involving it proved to be damaging to her failed 2016 presidential campaign.
A Gowdy aide not authorized to discuss his decision publicly said the congressman was approached about a federal judge position in the past year, but Gowdy turned the opportunity down. He is the ninth House committee head to step down, although several departing colleagues faced the prospect of being term-limited from that post or hard re-election prospects.
Gowdy is the ninth chair of a House committee to leave office during this Congress, continuing an unprecedented trend.
"There is no ideal time to make this announcement", Gowdy added.
Those who might seek to replace Gowdy include Spartanburg County Republican Party Chairman Joshua Kimbrell, and Greenville Republicans Dan Hamilton, a state representative, and William Timmons, a state senator.