In 1979, Fianna Fáil's economic policies were derailed due to strikes, higher wage demands, and the 1979 energy crisis.
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Colley died suddenly on 17 September 1983, aged 57, while receiving treatment for a heart condition at Guy's Hospital in London.
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As well as O'Malley and McCreevy, the Gang of 22 also included David Andrews, Sylvester Barrett, Séamus Brennan, Ben Briscoe, George Colley, Jim Gibbons, Mary Harney, Bobby Molloy, Ciarán Murphy, Willie O'Dea, Martin O'Donoghue, Joe Walsh and Pearse Wyse as members.