Rep. Floyd Flake, D-N.Y., announced that he would resign from Congress, effective Oct. 15.

A member of the House Banking and Small Business committees, the African Methodist Episcopal minister said Sunday that he wants to spend more time with his Queens congregation.

First elected in 1986, Rep. Flake is the ranking Democrat on the House Banking Committee's domestic and international monetary policy subcommittee.

He was a primary sponsor of legislation in the last Congress that created President Clinton's Community Development Financial Institutions program, which awarded $125 million to banks for lending in low-income areas.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.