On 16 December 1986 Peters exposed the Māori loan affair in Parliament; this involved the-then Māori Affairs Department attempting to raise money illegally through a NZ$600 million loan-package offered by the Hawaiian businessman Michael Gisondi and the West German businessman Max Raepple. Peters became the National Party's spokesperson on Māori Affairs, Consumer Affairs, and Transport. In 1987 Jim Bolger elevated him to National's Opposition front bench as spokesperson for Māori Affairs, Employment, and Race Relations. After National won the 1990 election, Peters became Minister of Māori Affairs in the fourth National government, led by Jim Bolger.