Pressler did two tours of duty in Vietnam from 1966 to 1968 and was awarded the prestigious Bronze Star. He served as head of the Senate Commerce Committee during the Clinton years, and he was instrumental in the passage of the Telecommunications Act of 1996 (the first major overhaul of telecommunications law in 60 years.) Pressler was defeated in an attempt at a fourth term by current United States Senator Tim Johnson.
Pressler said, "I just got the feeling that Obama will be able to handle this financial crisis better, and I like his financial team of (former Treasury Secretary Robert) Rubin and (former Federal Reserve Chairman Paul) Volcker better," he said. He told Politico that Republican presidential nominee John McCain's "handling of the financial crisis made me feel nervous." Pressler said this is his first vote for a Democrat for president. "I feel really badly. I just hate to go against someone I served with in the Senate," he said. "I voted and I got it mailed and I dropped it in the mailbox, and it tore at me to do that." Pressler also said he donated $500.00 to the Obama campaign. Ouch!