Capital Briefs: LaFalce Ranking Democrat on House Banking

House Democratic leaders on Wednesday elected Rep. John J. LaFalce to serve as ranking member of the House Banking Committee.

The New York Democrat replaces Rep. Henry B. Gonzalez, D-Texas, who surrendered the position but will remain a member of the committee. Rep. Gonzalez announced in September that he would end his 37-year congressional career by retiring at the end of 1997. However, he has not yet resigned.

Rep. LaFalce has served on Banking since his election to Congress in 1974. "I look forward to working with my colleagues on both sides of the aisle as we face the imminent challenges ahead," he said in a statement. Those challenges include funding the IMF, modernizing financial laws, and "working out credit union field of membership issues," Rep. LaFalce explained.

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