As governor, he increased education funding, but his term was marred by controversies that ended with him pleading guilty to a misdemeanor election violation.

[2] He worked as the project manager for Governor David Boren and as the assistant and associate provost of the University of Oklahoma Health Sciences Center.

In 1986, Walters was the Democratic nominee for governor of Oklahoma, but was defeated by Republican Henry L. Bellmon, who returned to the governorship after completing his first term 20 years earlier.

An agreement was reached that the governor would plead guilty to a misdemeanor offense and pay a fine, in return for which his record would be expunged in twelve months.

[4][5] He did not run for re-election in 1994, citing the pressure and negative publicity of political office, which he partly blamed for the suicide of his son in 1991.