WASHINGTON-House Financial Services Ranking Member John LaFalce (D-N.Y.) has announced that he will not be seeking re-election. After redistricting in New York, LaFalce was supposed to face fellow incumbent Democrat Louise Slaughter in the race for the 108th Congress. Committee Chairman Mike Oxley commented, “After a long career spent studying banking and financial issues, he has helped shape many pieces of legislation, and he has influenced many major financial issues of recent years. Although it does not bear his name, the Gramm-Leach-Bliley Financial Services Modernization Act reflects many of his ideas and suggestions.” LaFalce was also a major contributor to the Credit Union Membership Access Act, though lately he had come head-to-head with credit unions on a couple of issues, including the Faith-Based Member Business Lending bill and some aspects of the regulatory relief package.

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