Talarico earned his undergraduate degree from Lehigh University with a major in Chemical Engineering, was awarded a Master of Business Administration degree from Fairleigh Dickinson University with a major in Management and received a J.D. from New York Law School. He worked as a Vice President / Sales Executive at Chase Manhattan Corporation. He served as a member of the Borough Council in Oradell, New Jersey.
Talarico was chosen by Republican county committee members in February 1997 to fill the vacancy created when Patrick Roma stepped down from office to take a seat as a judge on the New Jersey Superior Court. He was elected to a full term in the Assembly in 1997 together with Rose Marie Heck of Hasbrouck Heights, and the two were re-elected in 1999. In redistricting following the 2000 Census, Talarico was relocated to the 39th Legislative District and came in third in the 2001 Republican primary behind Charlotte Vandervalk and John E. Rooney. In the Assembly, Talarico served as Vice Chair of the Senior Issues and Community Services Committee and as a member of the Law and Public Safety Committee.
In August 1998, Talarico sponsored a bill that would require commitment for those with mental health issues if it is determined that it is likely that they will commit future crimes.
- Assemblyman Guy F. Talarico at the Wayback Machine (archived February 25, 1998), New Jersey Legislature. Accessed June 13, 2010.
- Morley, Hugh R. "3 VIE FOR GOP NOD TO FILL ROMA ASSEMBLY SEAT", The Record (Bergen County), January 31, 1997. Accessed June 13, 2010.
- Fitzgerald, Thomas J. "GOP TAPS TALARICO FOR ASSEMBLY -- ORADELL LAWYER REPLACES ROMA", The Record (Bergen County), February 2, 1997. Accessed June 13, 2010.
- NJ Assembly 38 - History, OurCampaigns.com. Accessed June 13, 2010.
- NJ General Assembly 39 - R Primary, OurCampaigns.com. Accessed June 13, 2010.
- Staff. "METRO NEWS BRIEFS: NEW JERSEY; Whitman Approves Bills Focusing on Sex Offenses", The New York Times, August 13, 1998. accessed June 13, 2010.
- Smothers, Ronald. "ON POLITICS; The Mixed Messages of the Primaries", The New York Times, June 10, 2007. Accessed June 13, 2010.