Donald Wayne Riegle Jr. ( / ˈ r iː ɡ ə l / REE -gəl ; born February 4, 1938) is an American politician, author, and businessman who is from Michigan. He served five terms as a representative and three terms as a senator in the U.S. Congress.

Early life and family

Donald Wayne Riegle Jr. was born on February 4, 1938, in Flint, Michigan. His father was Donald Wayne Riegle Sr., the son of John Louis Riegle, who owned the Riegle Press and later became mayor of Flint. His mother was Dorothy Grace Riegle. He graduated from Flint Central High School.

Riegle attended Flint Junior College, which is now called Mott Community College, and Western Michigan University. He earned a bachelor's degree in business administration and economics from the University of Michigan–Flint in 1960. He later received an MBA in finance from Michigan State University in 1961. From 1961 to 1964, he worked as a financial analyst for IBM. From 1964 to 1966, he took courses required for a doctorate in business and government relations at Harvard Business School. He then left to run for Congress. Riegle taught at Michigan State University, Boston University, the University of Southern California, and Harvard University.

Political life

In 1966, Richard Nixon encouraged Riegle to return to Michigan to run for Congress. Riegle was 28 years old and was seen as a moderate Republican. Nixon attended an early campaign event and told reporters that Riegle had a good chance of winning.

Riegle defeated the current Democratic U.S. Representative, John C. Mackie, to be elected from Michigan's 7th congressional district to the 90th Congress. Mackie was one of the Michigan Five Fluke Freshmen who lost their seats after serving only one term.

In 1973, Riegle changed his party to become a Democrat because of disagreements with the Nixon administration about the Vietnam War and the Southern strategy. He was re-elected as a Democrat to the 94th Congress. He did not run for re-election to the House in 1976, but he announced his candidacy for the U.S. Senate to replace retiring Senator Philip Hart. He won the Democratic primary against Michigan Secretary of State Richard H. Austin and fellow Congressman James G. O'Hara. He defeated Republican Congressman Marvin L. Esch in the general election.

In 1973, Riegle helped sponsor H.R. 8163, a bill to stop discrimination based on sex or marital status when giving credit. Also known as the Equal Credit Opportunity Act, the bill was introduced by Congresswoman Bella Abzug. It passed both the House and Senate in 1974 and was signed into law by President Gerald Ford on October 28, 1974.

Riegle was elected to the U.S. Senate in 1976 over Republican Marvin Esch. On December 30, 1976, before his term was set to begin, he was appointed early by Governor William Milliken because Senator Hart had died. Riegle’s term was for the period ending January 3, 1977. He was re-elected in 1982 and 1988. His 1988 election was the largest Democratic victory in Michigan’s history until Carl Levin surpassed it in 2008. Riegle did not run for re-election in 1994.

Riegle served as chairman of the Senate Committee on Banking, Housing, and Urban Affairs from 1989 to 1995. He also served on the Senate Committee on Finance, where he led the Subcommittee on Health for Families and the Uninsured. He was on the Senate Committee on Labor and Human Resources, leading the Subcommittee on Alcoholism and Drug Abuse. He served on the Senate Committee on Commerce, Science, and Transportation, leading the Subcommittee on Science and Space. He was a member of the Senate Committee on Budget from 1979 to 1995.

In banking reform, Riegle led the effort to pass the Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA). This law helped protect depositors, reformed how banks are run and regulated, limited the "too big to fail" policy, strengthened rules for foreign banks in the U.S., and required banks to provide more information to consumers.

Riegle also led the creation of community development banks. The Riegle Community Development and Regulatory Improvement Act of 1994 established a fund to support financial institutions focused on community development. The law also improved protections for high-rate home equity loans, increased credit access for small businesses, simplified rules for banks, and reformed the National Flood Insurance Program.

The Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994 removed limits on interstate banking, allowing bank holding companies to buy banks in any state and permitting banks to merge across state lines unless states chose to opt out. This law also reduced advantages foreign banks had over U.S. banks.

In 1994, Riegle led an investigation into illnesses affecting Gulf War veterans. Using the Senate Banking Committee’s authority over "dual use" exports—materials and technology that could be used for both civilian and military purposes—the report found that U.S. military forces had encountered chemical warfare agents that may have caused Gulf War syndrome. It also noted that some biological weapons had been given to Saddam Hussein by the U.S. The report, called the Riegle Report, called for more government action to help veterans suffering from Gulf War syndrome.

As chairman of the Senate Banking Committee, Riegle led efforts to reform the savings and loan industry. This work resulted in the Financial Institutions Recovery, Reform, and Enforcement Act of 1989 (FIRREA), the toughest financial reform law in 50 years. FIRREA stopped harmful practices, limited risky behavior by savings and loans, banned junk bond investments, and set new rules for bank capital and deposits.

Later life

In 1972, he wrote a popular book titled "O Congress" with Trevor Armbrister. The book explains how Congress operates, Riegle's stance against the Vietnam War, and his disagreement with the Nixon White House.

In 1995, he began working at Weber Shandwick Public Affairs in Washington, D.C. There, he helped develop the company's government affairs work and contributed to the acquisition of Powell Tate, a government affairs firm now owned by Weber Shandwick and still active in Washington, D.C., under its own brand. As the company expanded, he took on greater responsibilities and eventually became deputy chairman. In 2001, he joined APCO Worldwide as chairman of government relations in Washington, D.C.

Riegle was part of the Keating Five, a group of senators accused in 1989 of acting improperly in 1987 on behalf of Charles Keating, leader of Lincoln Savings and Loan Association, which faced an investigation by the Federal Home Loan Bank Board (FHLBB). The FHLBB later stopped its investigation of Lincoln. Riegle and other members of the Keating Five were never charged with crimes related to their involvement but faced criticism for their actions.

Riegle supported Bernie Sanders for the Democratic nomination for president of the United States in both 2016 and 2020.