When I took off the rear calipers and disc pads on my 95 firebird a clip fell out that is H shaped with the cross piece close to one end. It is about an 1" wide and 1 1/2" long. What does this piece do and where does it go?

 

It sits in the centre of the caliper housing where the "inspection window". It sits with the cross part of the "H" between the pads.

Courtesy of Mr Shoebox:
http://shbox.com/1/rr_caliper3.jpg

 

Is the orientation important? Long side of H to toward center of car or other way around? Does it go in with the curved tab at the end up or down? Thanks

 

http://shbox.com/1/rear_caliper.jpg

Make sure the H-clip (# 17) is intact and not bent..

Diagram courtesy of Shoebox....