In January 2009, Walters became the Executive Vice President of the Hudson Institute.
From 1989 to 1991, Walters was chief of staff for William Bennett and was Deputy Director for Supply Reduction from 1991 until leaving the office in 1993.
During the Reagan Administration, he served as Assistant to the Secretary at the U.S. Department of Education. He was also the Secretary's representative to the National Drug Policy Board and the Domestic Policy Council's Health Policy Working Group.
Walters served as Acting Assistant Director and Program Officer in the Division of Education Programs at the National Endowment for the Humanities from 1982 to 1985. He has previously taught political science at Michigan State University's James Madison College and at Boston College. From 1996 until 2001 he served as president of the Philanthropy Roundtable.
He holds a BA from Michigan State University's James Madison College and a MA from the University of Toronto. His original nomination hearing was scheduled to be held on September 11 and had to be rescheduled due to the terrorist attacks.