"I was six years old when a presidential candidate came to the California Democratic convention and said 'it's time to pass the torch to a new generation of Americans.' That candidate was then-Senator Joe Biden", Swalwell said, according to USA Today.
"I thank my supporters & friends, my staff, & my family for making this journey possible", Swalwell, 38, said on Twitter.
The candidate is expected to confirm these reports at a press conference Monday afternoon. Bernie Sanders (I-VT), urging the former to "pass the torch" during the first round of Democrat debates in Miami, Flordia. We can't just respond to the last mass shooting.
In February, before announcing his candidacy, Swalwell told the San Francisco Chronicle he would "burn the boats" and not look back on his House seat.
"We need this field to start shrinking so candidates can distinguish themselves".
Swalwell repeatedly ranked at the bottom of public opinion polls, and he acknowledged that those numbers did not budge after his appearance at the debate.
Swalwell declined to endorse a candidate in the primary, though he joked about supporting U.S. Women's Soccer Team Co-Captain Megan Rapinoe, should she decide to run.
Regarding his reelection to the House, Swalwell said that his district has struggled with the same national issues he had highlighted during his campaign.
He also said he is mentoring "a 34-year-old mother of two kids in the South, who is embarking today on what will be seen as a long shot campaign for Congress".
Asked about whether other candidates with similarly lackluster success so far in the packed Democratic primary should also consider dropping out, Swalwell demurred, describing the abandonment of a campaign as "really a personal decision".
"[We] moved the needle on the debate stage on an issue that I was very passionate about, believing that every candidate should pledge they would support a ban and buyback of the 15 million assault weapons in our country", Swalwell said.
Update: This story was updated to include comments from Rep. Eric Swalwell after he officially announced he was withdrawing from the presidential election.