From 1977 till 1982, and again from 1982 till 1984, he was economic minister for West Germany as well as chairman of the FDP from 1998 until 1993.
From 1977 till 1982, and again from 1982 till 1984, he was economic minister for West Germany, when he was forced to resign over the Flick Affair. He was also chairman of the FDP from 1998 until 1993.