Donald Riegle facts for kids
Quick facts for kids
Donald Riegle
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| Chair of the Senate Banking Committee | |
| In office January 3, 1989 – January 3, 1995 |
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| Preceded by | William Proxmire |
| Succeeded by | Al D'Amato |
| United States Senator from Michigan |
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| In office December 30, 1976 – January 3, 1995 |
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| Preceded by | Philip Hart |
| Succeeded by | Spencer Abraham |
| Member of the U.S. House of Representatives from Michigan's 7th district |
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| In office January 3, 1967 – December 30, 1976 |
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| Preceded by | John C. Mackie |
| Succeeded by | Dale Kildee |
| Personal details | |
| Born |
Donald Wayne Riegle Jr.
February 4, 1938 Flint, Michigan, U.S. |
| Political party | Democratic (1973–present) Republican (before 1973) |
| Spouse |
Lori Hansen
(m. 1978) |
| Children | 5 |
| Parent | Donald W. Riegle Sr. (father) |
| Education | Mott Community College Western Michigan University University of Michigan–Flint (BA) Michigan State University (MBA) Harvard University |
Donald Wayne Riegle Jr. (born February 4, 1938) is an American politician, author, and businessman from Michigan. He served for many years in the U.S. Congress. He was a Representative (a member of the House of Representatives) for five terms. Later, he became a Senator (a member of the Senate) for three terms.
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Donald Riegle's Early Life and Education
Donald Riegle grew up in Flint, Michigan. He went to Flint Junior College, which is now called Mott Community College. He also studied at Western Michigan University.
In 1960, he earned a Bachelor of Arts (BA) degree. This degree was in business and economics from the University of Michigan-Flint. The next year, in 1961, he received a Master of Business Administration (MBA) degree in finance from Michigan State University.
Donald Riegle's Political Career
Donald Riegle began his political journey in 1966. He was 28 years old at the time. Richard Nixon, who later became president, encouraged him to run for Congress. Riegle was a Republican back then.
He won his first election, defeating the current Democratic Representative, John C. Mackie. This made him the Representative for Michigan's 7th congressional district.
Switching Political Parties
In 1973, Donald Riegle made a big change. He switched from the Republican Party to the Democratic Party. This decision was because he disagreed with the Nixon-Agnew Administration. Their views on the Vietnam War and a strategy called the "Southern strategy" were different from his.
After changing parties, he was re-elected to the House of Representatives as a Democrat.
Becoming a Senator
In 1976, Riegle decided not to run for the House again. Instead, he ran for the U.S. Senate. He wanted to take the place of Senator Philip Hart, who was retiring. Riegle won the election and became a U.S. Senator for Michigan.
On December 30, 1976, he officially resigned from the House. He was then appointed to fill the Senate vacancy. He was re-elected to the Senate in 1982 and again in 1988. His 1988 win was very significant. He received the most Democratic votes in Michigan's history for a Senate race. He chose not to run for re-election in 1994.
Working for Equal Credit Opportunity
In 1973, Riegle helped create a new law. It was called the Equal Credit Opportunity Act. This law aimed to stop banks from treating people unfairly. It made sure that people could get credit, like loans, no matter their gender or if they were married. This important law was passed in 1974. President Gerald Ford signed it into law.
Leading the Senate Banking Committee
From 1989 to 1995, Donald Riegle was the chairman of the Senate Committee on Banking, Housing, and Urban Affairs. This committee deals with important financial matters.
Reforming the Savings and Loan Industry
One of his first big actions as chairman was to reform the savings and loan industry. This led to a law called the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 ("FIRREA"). This law was very strict. It helped stop bad practices and made the industry safer. It put rules on how savings and loans operated. It also stopped them from taking too many risks.
Improving Bank Regulations
Chairman Riegle also led efforts to pass the Federal Deposit Insurance Corporation Improvement Act of 1991 ("FDICIA"). This law helped the FDIC, which protects people's money in banks. It also changed how banks are run and regulated. The law made it harder for banks to be "too big to fail." It also made rules for foreign banks in the U.S. and improved how banks share information with customers.
Supporting Community Development
Riegle worked to create a system of community development banks. The "Riegle Community Development and Regulatory Improvement Act of 1994" created a special fund. This fund helps financial institutions that support community development. The law also helped protect consumers with high-interest home loans. It made it easier for small businesses to get credit. It also improved the National Flood Insurance Program.
Changing Interstate Banking Rules
Another important law he helped create was the "Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994." This law removed old rules that stopped banks from operating across state lines. It allowed banks to buy other banks in different states. It also allowed banks to merge across states. This helped make the banking system more efficient.
Investigating Gulf War Illnesses
In 1994, Riegle led an investigation into illnesses affecting veterans of the Gulf War. His committee looked into how U.S. forces might have come into contact with chemical warfare agents. The report, often called the "Riegle Report," suggested that some biological agents might have been given to Saddam Hussein by the U.S. The report called for more investigation and help for veterans suffering from Gulf War syndrome.
Later Life and Endorsements
In his later years, Donald Riegle continued to be involved in politics. He supported Bernie Sanders for the Democratic nomination for President of the United States. He endorsed Sanders in both the 2016 and 2020 elections.
See also
- List of American politicians who switched parties in office
- List of United States representatives who switched parties
