In the beginning of his political life, Fernando Henrique was elected Senator of the state of São Paulo for the former MDB, in 1982. In 1985, he ran for Mayor of São Paulo even though he was in front according to the polls, he lost to former President Jânio Quadros in an episode which, believing he was going to win the election, he let himself be photographed in the mayor's chair before the elections. Some attribute his loss in the election to this episode.
Re-elected for the Senate in 1986 for the PMDB, which substituted MDB after Brazilian re-democratization, he helped a group of parliamentarians of PMDB to abandon the party in order to create the Brazilian Social Democracy Party (PSDB). Until 1992, Cardoso served as Leader of the PSDB in the Senate. From October 1992 to May 1993, he served as Minister of Foreign Affairs under President Itamar Franco (PMDB).
From May 1993 until April 1994, he was Minister of Finance and introduced the Plano Real (Real Plan) to end hyperinflation. Buoyed by the success of the Plano Real, Cardoso decided to run for the Presidency and, backed by President Franco, won in the first round of elections, on October 3, 1994. Four years later, in October 4, 1998, after a Constitutional Amendment that allowed reelection, Cardoso won the Presidency again, with approximately 53% of the vote, while his closest challenger, Luíz Inácio Lula da Silva (PT), had about 32%.
Cardoso was succeeded in 2003 by Lula da Silva, who was running for President for the fourth time. Lula won in the runoff against the Cardoso-supported candidate José Serra. Lula's election has since been interpreted as a result of Cardoso's growing unpopularity in his second term.
Re-elected for the Senate in 1986 for the PMDB, which substituted MDB after Brazilian re-democratization, he helped a group of parliamentarians of PMDB to abandon the party in order to create the Brazilian Social Democracy Party (PSDB). Until 1992, Cardoso served as Leader of the PSDB in the Senate. From October 1992 to May 1993, he served as Minister of Foreign Affairs under President Itamar Franco (PMDB).
From May 1993 until April 1994, he was Minister of Finance and introduced the Plano Real (Real Plan) to end hyperinflation. Buoyed by the success of the Plano Real, Cardoso decided to run for the Presidency and, backed by President Franco, won in the first round of elections, on October 3, 1994. Four years later, in October 4, 1998, after a Constitutional Amendment that allowed reelection, Cardoso won the Presidency again, with approximately 53% of the vote, while his closest challenger, Luíz Inácio Lula da Silva (PT), had about 32%.
Cardoso was succeeded in 2003 by Lula da Silva, who was running for President for the fourth time. Lula won in the runoff against the Cardoso-supported candidate José Serra. Lula's election has since been interpreted as a result of Cardoso's growing unpopularity in his second term.
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