Rep. Michael Grimm (R-N.Y.) informed House GOP leaders Monday evening that he would resign his post from the powerful Financial Services Committee in the wake of a 20-count indictment against the lawmaker for his past business practices.

"Upon successful resolution of pending legal matters my intention is to resume said position as an active member of the committee," Grimm wrote in a two-sentence letter addressed to House Speaker John A. Boehner (R-Ohio).

Grimm, who said earlier Monday after his arraignment that he would stay in office and fight the charges, holds only one committee post because the financial panel is considered so powerful.

Some lawmakers in the past have remained in office while fighting indictments, but also stepped down from their committee assignments.

Grimm's move came as House Minority Leader Nancy Pelosi (D-Calif.) sent Boehner a letter requesting he remove him from the powerful committee.

"These are very serious charges.  Therefore, I request that you and your colleagues in the House Republican Conference remove Mr. Grimm from his position on the House Financial Services Committee, pending the resolution of this matter," Pelosi wrote.