Marc Racicot was born in Thompson Falls and raised primarily in Libby. He is a graduate of Carroll College and University of Montana School of Law. Following graduation, he entered the U.S. Army and served in West Germany as an Army prosecutor in the Judge Advocate General’s Corps. After completing his service in West Germany, Racicot returned to Montana in 1976 and accepted the position of deputy county attorney for Missoula County, followed by assistant attorney general and Montana’s first special prosecutor in 1977. Racicot was elected to serve as Attorney General in 1988, and then the 21st Governor of Montana in 1992. His 1996 re-election was won by the largest margin in the history of the state with 80% of the vote.

Among Racicot’s achievements as Governor, he worked with the legislature to eliminate a $200 million deficit in 1993, and produce a $22.4 million surplus in 1995, which was used to cut taxes. Racicot also approved legislation which deregulated the utility sector in Montana. The Montana Power Company (MPC) was a large supporter of the legislation. After its passage MPC divested itself of its utility operations and became a telecommunications company, and filed for bankruptcy protection a few years later. As a result of the deregulation of utilities, rates for power saw a drastic rise and Montana Power Company workers with pensions lost their incomes.