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GOP Says Rangel Should Step Down

House Republican leaders demanded Tuesday that Ways and Means Chairman Charlie Rangel (D-N.Y.) step down from his influential post because of questions surrounding his finances.

In a letter to Speaker Nancy Pelosi (D-Calif.), GOP leaders said Rangel’s “continuing ethical lapses” mean that he “cannot effectively carry out his duties” as chairman.

“You, as the Speaker of the House, must insist that Rep. Rangel step down from his Ways and Means chairmanship pending an investigation of his ethical lapses,” the letter said.

Rangel has acknowledged failing to report $75,000 in income from a luxury vacation property as well as receiving interest-free loans for the property. He has asked the ethics committee to investigate his finances, as well as the living arrangement and use of four rent-controlled apartments in New York.

Rangel has scheduled a press conference for Wednesday to talk about those matters.