Sen. Charles Schumer, who just expanded his portfolio in the Democratic leadership, is giving up his post as vice chairman of the Joint Economic Committee, he announced Thursday.

The New York Democrat recently won approval to serve as chairman of the Democratic Policy Committee in the next Congress; he already serves as Conference vice chairman. Schumer will still serve on the joint economic panel, but will step aside as vice chairman.

“There are lots of talented younger members on this committee,” Schumer said in a statement. “The JEC is a great opportunity for our caucus to focus on the middle class and how to create good-paying jobs. I look forward to working with the next chairman.”

Schumer, who will hold onto his chairmanship of the Rules and Administration Committee, was slated to become chairman of the JEC next year. Rep. Carolyn Maloney (D-N.Y.) currently chairs the bicameral committee, and the panel’s next leader will come from the Senate. Other Senate Democrats on the JEC are Sens. Jeff Bingaman (N.M.), Amy Klobuchar (Minn.), Bob Casey (Pa.), and Virginia Sens. Mark Warner and Jim Webb. It was not immediately clear who will take Schumer’s place.