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.

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