 The Social Democrats lost power in the 1976 elections, but, after having won the elections of 1982, Feldt was appointed Minister of Finance by Prime Minister Olof Palme.He was seen as a part of Kanslihushögern during his time in office.In a "Playboy Scandinavia" interview, Feldt reminisced upon his own legacy within the Social Democratic Party,

"The negative inheritance I received from my predecessor Gunnar Sträng (Minister of Finance 1955–1976) was a strongly progressive tax system with high marginal taxes.