Donald Regan facts for kids
Quick facts for kids
Donald Regan
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| 11th White House Chief of Staff | |
| In office February 4, 1985 – February 27, 1987 |
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| President | Ronald Reagan |
| Preceded by | James Baker |
| Succeeded by | Howard Baker |
| 66th United States Secretary of the Treasury | |
| In office January 22, 1981 – February 1, 1985 |
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| President | Ronald Reagan |
| Deputy | R. T. McNamar |
| Preceded by | G. William Miller |
| Succeeded by | James Baker |
| Personal details | |
| Born |
Donald Thomas Regan
December 21, 1918 Cambridge, Massachusetts, U.S. |
| Died | June 10, 2003 (aged 84) Williamsburg, Virginia, U.S. |
| Political party | Republican |
| Spouses | Ann George Buchanan (m. 1942) |
| Children | 4 |
| Education | Harvard University (BA) |
| Signature |  |
| Military service | |
| Allegiance |  United States |
| Branch/service |  United States Marine Corps |
| Rank |  Lieutenant colonel |
| Battles/wars | World War II |
Donald Thomas Regan (REE-gən; December 21, 1918 – June 10, 2003) was an important American leader. He served as the 66th United States Secretary of the Treasury from 1981 to 1985. After that, he became the White House Chief of Staff from 1985 to 1987. Both of these jobs were under President Ronald Reagan.
During his time with President Reagan, he supported "Reaganomics". This was an economic plan that included tax cuts. The goal was to create more jobs and help the economy grow. Before working in government, he studied at Harvard University. He also served in the United States Marine Corps and became a lieutenant colonel. Later, he worked for Merrill Lynch, a big financial company, and was its leader from 1971 to 1980.
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Early Life and Military Service
Donald Regan was born in Cambridge, Massachusetts. His family had Irish Catholic roots. He went to Harvard College and earned a degree in English in 1940. He also started at Harvard Law School.
However, he left law school to join the Marine Corps. This was at the start of World War II. He fought in the Pacific Theater and reached the rank of lieutenant colonel. He took part in five major military campaigns, including battles in Guadalcanal and Okinawa.
In 1942, Regan married Ann George Buchanan. They had four children together: Donna, Donald Jr., Richard, and Diane.
Career on Wall Street
After World War II, Donald Regan started working at Merrill Lynch & Co., Inc. in 1946. He began as a trainee. He worked his way up and became the chairman and CEO of Merrill Lynch in 1971. This was the same year the company became public. He held these top positions until 1980.
Regan was also one of the first directors of the Securities Investor Protection Corporation. He was also the vice chairman of the New York Stock Exchange from 1973 to 1975. He strongly believed that brokerage firms should become public companies. He thought this would help modernize Wall Street. Under his leadership, Merrill Lynch had its first public stock offering in 1971.
He worked hard to end minimum fixed commissions for brokers. These were set fees that brokerage companies had to charge for every trade. Regan believed these fees were unfair. His efforts helped lead to these fixed commissions being removed in 1975.
Working for President Reagan
In 1981, President Ronald Reagan chose Donald Regan to be his Treasury Secretary. In this role, Regan explained the President's economic plans, known as "Reaganomics". He helped make changes to tax laws, lowering income tax rates and taxes for businesses.
In 1985, Regan switched jobs with James Baker, who was the White House Chief of Staff. As Chief of Staff, Regan was very involved in the daily running of White House policies. He was responsible for making sure things ran smoothly.
During this time, there was a situation known as the Iran–Contra affair. An investigation into this event found that Donald Regan was responsible for some of the confusion in the White House. The report said he should have made sure that an organized process was followed. Regan later resigned from his position.
In his 1988 book, For the Record: From Wall Street to Washington, Regan wrote about his disagreements with First Lady Nancy Reagan. He mentioned that she consulted with a personal astrologer, Joan Quigley. Regan wrote that many major decisions were checked with this astrologer. However, Ronald and Nancy Reagan said that astrology did not influence their decisions.
Donald Regan was played by Frank Moore in the 2003 TV movie The Reagans.
Later Life and Death
Donald Regan retired quietly in Virginia with his wife, Ann Regan. They were married for over 60 years. In his later years, he spent many hours painting landscapes in his art studio. He had four children and nine grandchildren.
Regan passed away from cancer on June 10, 2003, at the age of 84. He died in a hospital near his home in Williamsburg, Virginia. His burial place is at Arlington National Cemetery.
See also
In Spanish: Donald Regan para niños
