WASHINGTON -- Senate Banking Committee Chairman Donald W. Riegle Jr., a supporter of allowing commercial banks to underwrite municipal revenue bonds. said yesterday he will not seek reelection next year to the Senate seat he first won in 1976.

The 55-year-old Michigan Democrat made the surprise announcement on the Senate floor saying he wanted to spend more time on health-care reform after his term expires next year. The new chairman will probably be Sen. Paul Sarbanes, D-Md., who is second in seniority on the Banking Committee.

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