He subsequently practiced law in Washington and served as vice chairman of the board of the American Fletcher National Bank in Indianapolis.

After World War II, Saxon served as a special assistant in the office of Treasury Secretary John Snyder.

Saxon permitted national banks to engage in businesses from which they had previously been barred, such as selling insurance and issuing credit cards.

When Saxon took office in November 1961, he found that the methods of handling applications for new banks, branches, and mergers that had not been changed for decades.

Almost every piece of paper pertaining to an application was considered secret, and virtually no public announcements of any kind emanated from the office.

Saxon defended his controversial record of chartering 369 new national banks during 1963 and 1964, insisting that such expansion was essential to keep up with the expanding economy and to generate competition among lenders.