In 1994, Bertie Ahern became party leader and he appointed O'Rourke as deputy leader of Fianna Fáil, serving in the position until 2002. Following Ahern's election as Taoiseach in June 1997, O'Rourke became Minister for Public Enterprise, holding this position until she lost her Dáil seat at the 2002 general election. This followed a vote management strategy from Fianna Fáil head office which restricted her from campaigning in her traditional areas around Kilbeggan, in an attempt to win 2 of the 3 seats in Westmeath. The loss of her Dáil seat has also been attributed to her association with and the championing of, the privatisation of Telecom Éireann, which proved a financial disaster for many small investors, due to the share price falling radically, post privatisation. During this term as Minister, she also became the subject of public criticism by Ryanair chief executive Michael O'Leary. Following the loss of her Dáil seat, she was nominated to Seanad Éireann as a Senator by Taoiseach Bertie Ahern where she became Leader of the Seanad and leader of Fianna Fáil in the Seanad.
