Peer Steinbrück, member of the Social Democratic Party (SPD), was Federal Minister of Finance (2005 to 2009) and Prime Minister of the State of North Rhine-Westphalia (2002 to 2005). In 2013, he ran for Chancellor as opposition candidate but failed to carry the election. Having resigned from his mandate in the Bundestag in September of 2016, Peer Steinbrück now engaged in the founding of the Bundeskanzler-Helmut-Schmidt-Stiftung. As economist by training, he was Head of the office of the Minister President of North Rhine-Westphalia, Johannes Rau, from 1986 to 1990. In 1993, he became Minister of Economic Affairs and Infrastructure in the state of Schleswig-Holstein. He then returned to North Rhine-Westphalia, where he became the Minister of Economic Affairs and Infrastructure in 1998 and Finance Minister in 2000.