Carter, a Democrat from Georgia, took office after defeating incumbent Republican President Gerald Ford in the 1976 presidential election. His presidency ended with his defeat in the 1980 presidential election by Republican nominee Ronald Reagan. OMB Director Bert Lance resigned his position on September 21, 1977, amid allegations of improper banking activities prior to his becoming director. The controversy over Lance damaged Carter's standing with Congress and the public, and Lance's resignation removed one of Carter's most effective advisers from office. In April 1979, Attorney General Bell appointed Paul J. Curran as a special counsel to investigate loans made to the peanut business owned by Carter by a bank controlled by Bert Lance.
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