Feb. 26, 1987:
Donald Regan, President Reagan's embattled chief of staff, resigns and is replaced by former Senate Majority Leader Howard Baker (R-TN).
Regan's standing began crumbling as the administration became more enmeshed in the Iran-Contra scandal, in which White House officials were part of a plot to sell arms to Iran and use the profits to illegally supply Contra rebels fighting the leftist government in Nicaragua.
Baker retired from the Senate after 1984 and had been thought of as a potential presidential candidate in 1988. When he accepted the chief of staff position, it ended any aspirations for elective office.
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