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Donald Regan




Donald Thomas Regan (December 21, 1918 - June 10, 2003) was the 66th United
States Secretary of the Treasury, from 1981 to 1985, and chief of staff from
1985 to 1987 in the Reagan administration, where he advocated supply-side
economics and tax cuts to create jobs and stimulate production. Regan was
criticized for his prime-ministerial style and his involvement in the
Iran-Contra Affair.

Born in Cambridge, Massachusetts, Regan earned his bachelor's degree in
English from Harvard University in 1940 and then joined the United States
Marine Corps at the outset of World War II reaching the rank of lieutenant
colonel. He served in the Pacific theater and was involved in five major
campaigns, including Guadalcanal and Okinawa. After the War, he joined
Merrill Lynch & Co., Inc. in 1946 as an account executive trainee, working
up through the ranks, eventually taking over as Merrill Lynch's chairman and
CEO in 1971, the year the company went public. He held those titles until 1980.

Regan was one of the original directors of the Securities Investment
Protection Corporation and, from 1973 to 1975, was vice chairman of the New
York Stock Exchange.

President Ronald Reagan selected Regan in 1981 to serve as Treasury
secretary, becoming a spokesman for supply-side economics (also called
Reaganomics). He helped engineer tax reform, reduce income tax rates and
ease the tax burden on corporations. Regan unexpectedly switched jobs with
then White House Chief of Staff James Baker in 1985, a position he kept
until 1987, when he was pressured to resign for his involvement with
Iran-Contra. As Chief of Staff, Regan was very involved in the day to day
management of a lot of White House policy, which led Baker to give a
stinging rebuke that Regan was becoming an "American Prime Minister" inside
an increasingly complex Imperial Presidency.

Regan's book, For the Record: From Wall Street to Washington (ISBN
0151639663), exposes his disagreements with First Lady Nancy Reagan
including claims that Nancy's personal astrologer, Joan Quigley, helped
steer the President's speaking decisions.

Regan retired quietly in Virginia with Ann Buchanan Regan, his wife of over
sixty years. Late in life, he spent nearly ten hours a day in his art studio
painting landscapes, some of which sold for thousands of dollars and hang in
museums. Regan had four children and nine grandchildren.

Regan died of cancer at the age of 84 in a hospital near his home in
Williamsburg, Virginia.

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