Donald Regan
Donald Regan | |
|---|---|
| Born | Donald Thomas Regan Template:Birth date Cambridge, Massachusetts, U.S. |
| Died | June 10, 2003 (aged 84) Williamsburg, Virginia, U.S. |
| Occupation(s) | Executive, government official |
| Years active | 1946–1987 |
| Known for | 66th United States Secretary of the Treasury; 11th White House Chief of Staff |
Donald Thomas Regan (December 21, 1918 – June 10, 2003) was an American executive and government official who held the position of the 66th United States secretary of the treasury from 1981 until 1985, and subsequently served as the 11th White House chief of staff from 1985 to 1987 during the administration of Ronald Reagan.
Regan completed his studies at Harvard University before enlisting in the U.S. Marine Corps, where he achieved the rank of lieutenant colonel. In 1946, he began his career at Merrill Lynch, eventually rising to chairman and CEO from 1971 to 1980. Throughout his tenure in the Reagan administration, Regan was a prominent advocate for "Reaganomics" and promoted tax cuts aimed at fostering employment growth and increasing production.
Early life and education
Born in Cambridge, Massachusetts to parents Kathleen (née Ahearn) and William Francis Regan, he descended from an Irish Catholic family. Regan obtained a Bachelor of Arts degree in English from Harvard College in 1940 and briefly pursued studies at Harvard Law School prior to joining the United States Marine Corps at the outbreak of World War II. His military service included participation in five significant Pacific campaigns, such as those at Guadalcanal and Okinawa, culminating in his promotion to lieutenant colonel.
In 1942, Regan wed Ann George Buchanan; together they had four children: Donna Regan Lefeve, Donald T. Regan Jr., Richard William Regan, and Diane Regan Doniger.
Merrill Lynch
Following World War II, Regan entered Merrill Lynch in 1946 as a trainee account executive and ascended to the roles of chairman and CEO by 1971, maintaining these positions until 1980.
He played a foundational role as one of the initial directors of the Securities Investor Protection Corporation and served as vice chairman of the New York Stock Exchange between 1973 and 1975. During this period, Regan advocated for brokerage houses to become publicly traded companies, contributing to Wall Street's modernization. Under his guidance, Merrill Lynch launched its initial public offering on June 23, 1971, becoming only the second Wall Street firm to do so after Donaldson, Lufkin & Jenrette.
Regan also campaigned against fixed minimum commissions for brokers, considering them restrictive to competition. His efforts were instrumental in the elimination of fixed commissions in 1975.
Reagan administration
In 1981, President Ronald Reagan appointed Donald Regan as treasury secretary, positioning him as a central architect behind Reaganomics policies—including reforms to the tax code and reductions in both individual income and corporate taxes. In an unexpected move in 1985, Regan exchanged roles with White House chief of staff James Baker.
While serving as chief of staff, Regan oversaw day-to-day policy operations within the White House but attracted criticism for consolidating authority excessively within an expanding imperial presidency. Notably, despite four years leading the Treasury Department, he never held a private meeting alone with President Reagan. His resignation came amid tensions with First Lady Nancy Reagan and involvement in the Iran–Contra affair. The Tower Commission attributed much of the ensuing White House disorder to him, highlighting his extensive control over personnel and national security matters without imposing proper procedural discipline.
Regan’s 1988 memoir, For the Record: From Wall Street to Washington, disclosed conflicts with Nancy Reagan and revealed that she consulted astrologer Joan Quigley, who reportedly influenced presidential decisions. Regan wrote:
Almost every significant decision made by the Reagans during my tenure as White House Chief of Staff was pre-approved by a woman in San Francisco [Quigley], who prepared horoscopes to ensure that planetary alignments were favorable for these actions.
Both Ronald and Nancy Reagan denied that astrology played any role in policy-making.
In the 2003 television film The Reagans, Regan is depicted by actor Frank Moore.
Retirement
Regan spent his retirement years in Virginia alongside his wife Ann, to whom he was married for more than six decades. During this period, he devoted close to ten hours each day to creating landscape paintings in his personal art studio. Together, they had four children and nine grandchildren.
Death
On June 10, 2003, Regan passed away at the age of 84 due to cancer, at a hospital near his residence in Williamsburg, Virginia. He was laid to rest at Arlington National Cemetery.
Sayings
One of Regan's well-known expressions was "And the horse you rode in on," a phrase he borrowed from a Texas poker companion. This saying is subtly included in the background of Regan’s Treasury portrait. Additionally, he valued loyalty highly, famously remarking, "You've got to give loyalty down if you want loyalty up."
Books
- Regan, Donald T. For the Record: From Wall Street to Washington (1988)
Further reading
- Johns, Andrew L., editor. A Companion to Ronald Reagan (2015)
- Whipple, Chris. The Gatekeepers: How the White House Chiefs of Staff Define Every Presidency (2017)
- Zaleznik, Abraham. "A Disengaged President: Ronald Reagan and His Lieutenants." In Hedgehogs and Foxes (2008), pp. 23–43
