In 1960, he relocated to Bryan, where he graduated in 1965 from the former Stephen F. Austin High School, renamed and consolidated in 1971 as Bryan High School. In 1969, Raney received a Bachelor of Business Administration degree from Texas Agricultural and Mechanical University, with a concentration in marketing.
In 1950, he moved back to Huntsville. In June 1969, after his graduation from TAMU, Raney launched Aggieland Book Store, a business which he still operates. From 1969 to 1975, he was a first lieutenant in the Texas Army National Guard.
The Libertarian candidate, Joshua Baker, received the remaining 4%.
In 2014, he ran against the Democrat Andrew Metscher, a Texas Agricultural and Mechanical student in economics. He defeated Metscher in the general election 68%–28%.
Raney authored a bill to allow Texas Agricultural and Mechanical University to lease and sell land on the main campus in College Station. Raney backed the approved 2013 Texas state budget and legislation to assist College Station in the establishment of a medical district.
He supports legislation to allow Brazos County to earmark specified hotel and motel sales taxes to underwrite part of the costs for renovations to Kyle Field at TAMU. Raney supported legislation to increase funding of highways and transportation, securing the border with Mexico, and more funding for education at the vocational, technical, and higher levels.
During his career in the Texas House, Raney has earned a career "F" rating for fiscal restraint from Empower Texans, an Austin nonprofit organization focused on promoting free market principles in Texas.
A lifelong Republican, Raney has been active in the party since the early 1970s, including a stint as Brazos County Grand Old Party chairman, at a time when Bryan-College Station was solidly Democratic in political orientation.
A member of the House committees on Administration, Appropriations, and Higher Education, Raney supports tuition revenue bonds for public universities, the concealed-carry law in classrooms for the purpose of self-defense from attackers, and the prohibition of abortion after twenty weeks of gestation.