Louisiana Republican Rep. Richard Baker plans to retire, FOX News confirmed on Tuesday.

Baker plans to become head of the Managed Funds Association. His retirement is effective Feb. 7.

Baker is the third Louisiana House Republican to leave Congress this year. Former Rep. Bobby Jindal resigned to run for governor of Louisiana, and was sworn into office on Monday. Rep. Jim McCrery, the top Republican on the House Ways and Means Committee, announced in December his decision to step down.

Baker has been a member of the House since 1987.

FOX News' Chad Pergram contributed to this report.