From CNN Congressional Correspondent Dana Bash

WASHINGTON (CNN) -- Rep. Mark Foley of Florida has submitted his resignation one day after a report came out detailing an e-mail conversation that Foley apparently had with a 16-year-old former congressional page, GOP sources tell CNN.

"Today, I have delivered a letter to the Speaker of the House informing him of my decision to resign from the U.S. House of Representatives, effective today," Foley said in a statement released by his office. "I thank the people of Florida's 16th Congressional District for giving me the opportunity to serve them for the last twelve years; it has been an honor.

"I am deeply sorry and I apologize for letting down my family and the people of Florida I have had the privilege to represent."

According to ABC News, the young man forwarded the e-mail to an unknown congressional staffer and described it as "sick, sick, sick."

A spokesman for Foley told CNN the congressman admitted he had an e-mail exchange with the former page but flatly denied that it was anything inappropriate.

According to the GOP sources, Foley was concerned there may be other potential politically damaging e-mails or information out there and has concluded it's best not to run again for office.

More to come . . .