Donald Regan

Donald Regan
Born	Donald Thomas Regan 21 12, 1918
Birthplace	Cambridge, Massachusetts, U.S.
Died	Template:Death date and age Williamsburg, Virginia, U.S.
Nationality	American
Occupation	Government official, business executive
Known for	66th United States Secretary of the Treasury; 11th White House Chief of Staff; Chairman and CEO of Merrill Lynch
Education	Harvard University (BA)
Spouse(s)	Ann George Buchanan (m. 1942)
Children	4

Donald Thomas Regan (December 21, 1918 – June 10, 2003) was an American government official and business executive who served as the 66th United States Secretary of the Treasury from 1981 to 1985 and as the 11th White House Chief of Staff from 1985 to 1987 under President Ronald Reagan. Before entering government, Regan spent more than three decades at Merrill Lynch, rising from a trainee account executive in 1946 to chairman and chief executive officer by 1971, a position he held until 1980. A decorated United States Marine Corps officer who had served in World War II, Regan brought a forceful, corporate management style to Washington that made him, in the estimation of The New York Times, "the most dominant figure in the Administration after the President" during his tenure as chief of staff. As Treasury secretary, Regan was a central advocate of the supply-side economic policies known as "Reaganomics," championing tax cuts as a means to stimulate production and create jobs. His abrupt departure from the White House in 1987, amid the Iran–Contra affair, was followed by the publication of a candid memoir that generated considerable public attention. Regan died on June 10, 2003, at the age of 84.

Early Life

Donald Thomas Regan was born on December 21, 1918, in Cambridge, Massachusetts. He grew up in a middle-class Irish-American family in the Boston area. Despite sharing a surname with the future president he would serve, the two men were not related; the coincidence of names would later become a source of occasional public confusion and humor during Regan's years in the Reagan administration.

Regan attended Harvard University, where he earned a Bachelor of Arts degree. His time at Harvard exposed him to a rigorous academic environment, and he graduated before the United States' entry into World War II reshaped the trajectories of an entire generation of young American men.

Following his studies, Regan enlisted in the United States Marine Corps. He served during World War II and saw combat, ultimately achieving the rank of lieutenant colonel. His military service was formative; colleagues and journalists who later profiled Regan frequently noted that his command-oriented bearing and insistence on hierarchical discipline carried over into both his business and government careers. The Marine Corps ethos of decisiveness and chain-of-command authority would become hallmarks of Regan's leadership style throughout his professional life.

After the war ended, Regan, like many returning veterans, sought opportunities in the private sector. In 1946, he joined the brokerage firm Merrill Lynch as a trainee account executive, beginning what would become a 35-year career at one of Wall Street's most prominent financial institutions.

Education

Regan received his undergraduate education at Harvard University in Cambridge, Massachusetts, earning a Bachelor of Arts degree. Harvard's environment during the late 1930s placed Regan among a cohort of students who would go on to serve in World War II before embarking on careers in business, government, and the professions. Regan's Harvard education provided the intellectual foundation for his later work in finance and public policy, though he would often credit his Marine Corps experience as equally influential in shaping his approach to leadership and decision-making.

Career

Merrill Lynch (1946–1980)

Donald Regan's career in the financial industry began in 1946, when he joined Merrill Lynch as an account executive trainee. Over the following quarter-century, he rose steadily through the ranks of the firm, which was one of the largest and most well-known brokerage houses in the United States. Regan demonstrated an aptitude for both the technical aspects of finance and the managerial demands of leading a large organization.

In 1971, Regan was named chairman and chief executive officer of Merrill Lynch, a position he held until 1980. During his tenure at the top, Merrill Lynch underwent significant expansion and modernization. The firm had long been known by its slogan "Merrill Lynch is bullish on America" and catered to a broad base of retail investors. Under Regan's leadership, the company introduced the Cash Management Account (CMA) in 1977, a financial product that combined a traditional brokerage account with checking and credit card features. The CMA was considered a groundbreaking innovation in the financial services industry, blurring the lines between banking and brokerage services and presaging the deregulation trends of the 1980s.

Regan's management style at Merrill Lynch was characterized by the same forceful, top-down approach that he would later bring to Washington. He was described by The New York Times as a "steel-willed financier," and his corporate leadership reflected a belief in clear lines of authority and decisive action. By the time he left the firm in 1980 to join the incoming Reagan administration, Merrill Lynch had grown into one of the world's largest securities firms, and Regan was a recognized figure on Wall Street.

Secretary of the Treasury (1981–1985)

President-elect Ronald Reagan selected Donald Regan to serve as the 66th United States Secretary of the Treasury, and Regan took office on January 22, 1981. His appointment was part of a broader effort by the new administration to bring experienced business leaders into government to implement an ambitious economic agenda centered on tax reduction, deregulation, and control of government spending.

As Treasury secretary, Regan became one of the principal architects and public advocates of the economic program that came to be known as "Reaganomics." The core of this program was the Economic Recovery Tax Act of 1981, which reduced individual income tax rates by approximately 25 percent over three years and lowered the top marginal rate significantly. Regan argued that these tax cuts would stimulate economic growth, increase business investment, and ultimately generate sufficient revenue to offset the initial reduction in tax receipts—a position rooted in supply-side economics.

Regan served as Treasury secretary during a period of considerable economic turbulence. The early years of the Reagan administration were marked by a severe recession in 1981–1982, followed by a strong economic recovery. Regan defended the administration's policies through both phases, maintaining that the tax cuts and deregulatory measures were laying the groundwork for sustained growth.

His deputy at the Treasury Department was R. T. McNamar, who served as Deputy Secretary of the Treasury during Regan's tenure. Regan oversaw the department through a period that also included the beginning of tax reform discussions that would culminate in the Tax Reform Act of 1986, enacted after Regan had moved to his next role in the White House.

Regan's predecessor as Treasury secretary was G. William Miller, who had served under President Jimmy Carter. When Regan departed the Treasury in early 1985, he was succeeded by James Baker in an unusual arrangement: Regan and Baker effectively swapped jobs, with Baker moving from White House chief of staff to Treasury and Regan moving in the opposite direction.

White House Chief of Staff (1985–1987)

On February 4, 1985, Donald Regan assumed the role of White House Chief of Staff, succeeding James Baker in the position as part of the widely noted job swap between the two men. The exchange was reportedly initiated by both Regan and Baker, each seeking a change of role, and was approved by President Reagan.

Regan's tenure as chief of staff was marked by an unprecedented concentration of power in the office. A January 1986 profile in The New York Times Magazine described Regan as having emerged "not only as the most dominant figure in the Administration after the President, but, perhaps, the most powerful chief of staff" in modern White House history. Regan applied the same corporate management philosophy he had used at Merrill Lynch, insisting on controlling the flow of information and access to the president. He restructured the White House staff operation, reducing the influence of the prior "troika" system—in which Baker, Edwin Meese, and Michael Deaver had shared power—and centralizing authority in his own hands.

This approach generated both admiration and friction. Supporters credited Regan with bringing order and efficiency to White House operations. Critics, however, accused him of being imperious and of isolating the president from dissenting viewpoints. His management style led to conflicts with other senior administration officials, members of Congress, and, notably, First Lady Nancy Reagan.

The relationship between Donald Regan and Nancy Reagan became one of the most publicly discussed aspects of his tenure. According to multiple accounts, including Regan's own later memoir, the two clashed repeatedly over scheduling, policy priorities, and the chief of staff's management of the president's affairs. Regan later wrote that Nancy Reagan consulted an astrologer to influence the president's schedule, a revelation that created a media sensation upon publication.

Regan's time as chief of staff was ultimately overshadowed by the Iran–Contra affair, the political scandal that emerged in late 1986 involving the secret sale of arms to Iran and the diversion of proceeds to fund Contra rebels in Nicaragua. The scandal engulfed the Reagan administration and raised serious questions about the oversight exercised by senior White House officials, including the chief of staff. While Regan maintained that he had not been fully informed about the details of the Iran-Contra operations, the affair severely damaged his standing and led to calls for his resignation.

Regan departed the White House on February 27, 1987, succeeded by former Senator Howard Baker of Tennessee. His departure was reported as contentious; according to The New York Times, Regan learned of his replacement from a television news report rather than directly from the president, a slight that underscored the deterioration of his relationship with the Reagan inner circle.

Memoir and Later Years

Following his departure from the White House, Regan published a memoir titled For the Record: From Wall Street to Washington in 1988. The book attracted considerable attention for its behind-the-scenes account of the Reagan White House and, in particular, for Regan's assertion that Nancy Reagan had relied on an astrologer—later identified as Joan Quigley—to help determine the president's schedule and the timing of major events. The revelation became a major news story and provoked sharp criticism from the Reagan family and their allies, who viewed it as a breach of trust and loyalty.

In the memoir, Regan also provided his own account of the Iran-Contra affair and defended his record as chief of staff, arguing that he had served the president faithfully and had been unfairly scapegoated for the administration's political difficulties.

After leaving government, Regan retired from public life and settled in Williamsburg, Virginia. He largely withdrew from the political spotlight in his later years, though his memoir continued to be cited by historians and journalists studying the Reagan presidency.

Personal Life

Donald Regan married Ann George Buchanan in 1942, and the couple had four children. The marriage took place during Regan's military service in World War II. The Regan family maintained a relatively private life despite his prominent public roles in both the financial world and government.

Following his retirement from government, Regan and his wife lived in Williamsburg, Virginia. He spent his later years in relative seclusion, largely out of the public eye.

Donald Thomas Regan died on June 10, 2003, in Williamsburg, Virginia, at the age of 84. His death was reported on the front pages of major newspapers, with obituaries recounting his long career in finance and government and his turbulent years in the Reagan White House. The New York Times described him as a "steel-willed financier" who had been "an uncommonly powerful chief of staff" before his fall from grace amid the Iran-Contra scandal.

Recognition

Donald Regan's career placed him at the center of several consequential episodes in American economic and political history. As the 66th Secretary of the Treasury, he was formally recognized by the United States Department of the Treasury in its historical records of former secretaries. His role in shaping the Economic Recovery Tax Act of 1981 and advocating for supply-side economic policies made him a significant figure in the development of the economic program that defined the Reagan era.

The January 1986 New York Times Magazine profile of Regan, titled "How Donald Regan Runs the White House," was one of the most extensive journalistic examinations of a White House chief of staff published during the Reagan years and contributed to public understanding of the office's role and power.

Regan's C-SPAN appearances and public testimony during the Iran-Contra hearings are preserved in the C-SPAN archives as part of the historical record of the Reagan administration.

His papers and related archival materials are referenced in the National Archives and Records Administration catalog, reflecting his significance as a figure in the federal government's institutional history.

Legacy

Donald Regan's legacy is multifaceted, encompassing his contributions to the American financial industry, his role in implementing the economic policies of the Reagan administration, and the controversies that accompanied his tenure as White House chief of staff.

In the financial sector, Regan's leadership of Merrill Lynch during the 1970s helped transform the firm into a diversified financial services company. The introduction of the Cash Management Account under his watch is considered a milestone in the evolution of retail financial services, anticipating the broader deregulation of the financial industry that would accelerate in the 1980s and 1990s.

As Treasury secretary, Regan was instrumental in the passage and implementation of the tax cuts that formed the centerpiece of Reaganomics. The debate over the merits and consequences of those policies—including their effects on economic growth, government revenue, and income inequality—has continued to shape American political and economic discourse for decades after Regan's departure from office.

His tenure as White House chief of staff remains a subject of study for scholars of the American presidency and executive branch management. Regan's centralization of power in the chief of staff's office represented one model of White House organization, and the difficulties he encountered—including conflicts with the First Lady, tensions with Cabinet members, and the Iran-Contra crisis—have been analyzed in numerous works on presidential leadership and staff dynamics.

Regan's memoir, For the Record, remains a primary source for historians of the Reagan era. Its revelations about the role of astrology in White House scheduling entered the popular culture and became one of the more memorable anecdotes of the Reagan years, while its account of the internal workings of the administration provided a rare firsthand perspective from a disaffected insider.

The Supreme Court case Dames & Moore v. Regan (1981), decided during Regan's first year as Treasury secretary, bears his name in his official capacity. The case, which concerned presidential power over executive agreements and the disposition of foreign assets, has remained a significant precedent in constitutional law, particularly in cases involving executive authority over international economic matters.