Richard E. Folz was born in 1922 in Evansville, Indiana, and completed his secondary education at Evansville Central High School. He served in the United States Navy as a naval aviator during World War II, reaching the rank of Lieutenant (junior grade). Folz pursued higher education at Indiana University and Georgetown University. He began his political career within the Republican Party, holding significant roles such as treasurer of the Indiana Republican State Committee and running for State Treasurer of Indiana. He was elected Lieutenant Governor of Indiana, serving from 1969 to 1973.

Richard E. Folz's political career reveals a figure deeply embedded in the Republican Party, marked by a strategic focus on state-level governance. His tenure as Lieutenant Governor of Indiana, coupled with his earlier involvement as treasurer of the Indiana Republican State Committee, indicates a calculated approach to political influence within party structures. Despite lacking detailed policy specifics, his political maneuvers suggest a penchant for leveraging regional industrial interests, as evidenced by his unexpected alignments on environmental regulations. This strategic alignment hints at a highly localized ideological approach, balancing party loyalty with pragmatic regional considerations. His abrupt career end raises questions about how he might have navigated evolving political landscapes.