He was a member of the New York State Assembly (Rensselaer Co., 1st D.) in 1881 and 1882; and was elected Speaker on February 2, 1882, after a month-long struggle of the different factions of the Democratic Party.
He was a Democratic member from Broome County of the New York State Assembly from 1975 to 1993, was Majority Leader from 1987 through 1993, and was Acting Speaker for 3 days in 1991 after Mel Miller lost his seat upon a felony conviction until the election of Saul Weprin.
Varnum was chosen Speaker pro tempore in June 1851, and presided over the Assembly for the duration of the special session.
He served as majority leader of that body from 1993 to 2000, when he lost his position after leading an attempted coup against Assembly Speaker Sheldon Silver.
He was a member from Queens County of the New York State Assembly from 1959 to 1969, was Majority Leader from 1965 to 1968, and as such became Acting Speaker for the remainder of the term upon the resignation of Speaker Anthony J. Travia after the close of the legislative session of that year.
He was a Democratic member from Kings County of the New York State Assembly from 1969 to 1986, was majority leader in 1977 and 1978, and Speaker from 1979 to 1986.
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The ceremony and reception were attended by over 400 people including NY State Governor Andrew Cuomo, State Assembly Speaker Sheldon Silver, NY State Comptroller Tom DiNapoli, NY State Attorney General Eric Schneiderman, NYC Council Speaker Christine Quinn, many of his colleagues from the Assembly and State Senate, family, and friends.
In 2010, Schroeder indicated he would not vote for Sheldon Silver as Speaker of the New York State Assembly, although both are Democrats.