Donald Regan

Donald Regan was an American financier, government official, and White House Chief of Staff who served under President Ronald Reagan. A former United States Marine Corps officer and Merrill Lynch executive, he first served as the 66th Secretary of the Treasury before becoming Chief of Staff, a role that placed him at the center of the Reagan administration's domestic and foreign policy. His tenure ended amid the fallout from the Iran-Contra affair, a major political scandal of the 1980s.

Early life and education

Donald Thomas Regan was born in Cambridge, Massachusetts, to a family of modest means. He attended Cambridge Latin School before earning a scholarship to Harvard University, where he studied English literature and graduated with a Bachelor of Arts degree in 1940. While at Harvard University, he was a member of the Harvard Crimson and the Reserve Officers' Training Corps, which influenced his subsequent military path.

Military and business career

Commissioned as a second lieutenant in the United States Marine Corps, Regan served with distinction in the Pacific Theater during World War II, participating in campaigns with the 5th Marine Regiment including Guadalcanal and Okinawa. He rose to the rank of lieutenant colonel before leaving active duty in 1946. He then joined the brokerage firm Merrill Lynch as an account executive trainee, rapidly ascending through the ranks to become its chairman and chief executive officer by 1971, transforming it into a financial powerhouse.

Secretary of the Treasury

Appointed by President Ronald Reagan in 1981, Regan became a key architect of the administration's economic policy, known as Reaganomics. He worked closely with OMB Director David Stockman and Federal Reserve Chairman Paul Volcker to implement sweeping tax cuts and deregulation. His tenure oversaw the early 1980s recession, a subsequent recovery, and the beginning of significant federal budget deficits. He also played a central role in the 1985 Plaza Accord negotiations with finance ministers from Japan, West Germany, France, and the United Kingdom.

White House Chief of Staff

In a historic job swap in 1985, Regan exchanged positions with James Baker, then the White House Chief of Staff. As Chief of Staff, Regan centralized power within the White House Office, often controlling access to Ronald Reagan and clashing with other senior aides like Michael Deaver and Nancy Reagan. His management style, described as brusque and corporate, drew criticism from Congress and the press, and he became a focal point for administration controversies, including the handling of the 1986 Reykjavík Summit with Mikhail Gorbachev.

Iran-Contra affair and resignation

Regan's authority eroded dramatically during the unfolding Iran-Contra affair, in which senior officials secretly facilitated arms sales to Iran to fund anti-communist rebels in Nicaragua. The Tower Commission, appointed to investigate, issued a report in February 1987 that was highly critical of Regan's management of the National Security Council staff. Facing intense pressure from Nancy Reagan, congressional leaders, and public opinion, he submitted his resignation to President Ronald Reagan on February 27, 1987, and was succeeded by former Senator Howard Baker.

Later life and death

After leaving the White House, Regan authored a controversial memoir, *For the Record: From Wall Street to Washington*, which revealed private details about the Reagan administration and criticized Nancy Reagan's influence. He lived primarily in Williamsburg, Virginia, and served on the boards of several corporations, including the New York Stock Exchange. Donald Regan died of cancer at his home in Williamsburg, Virginia on June 10, 2003, and was interred at Arlington National Cemetery with full military honors. Category:1918 births Category:2003 deaths Category:United States Secretaries of the Treasury Category:White House Chiefs of Staff Category:Harvard University alumni