Wallace is an executive at one of Texas’ top corporate lobby and public relations firms that employs numerous former government officials. Wallace headed the International Trade Administration as a deputy undersecretary to Bush administration Commerce Secretary Robert Mosbacher.  Wallace was a leading proponent of the North American Free Trade Agreement. Mosbacher made a last-minute cancellation of an appearance before the National Council of La Raza’s annual convention in ’91 and got Wallace to take the bullet for him. Members were angry at Mosbacher for refusing to adjust the ’90 census, which failed to count millions of minorities. Some members of La Raza booed Wallace and others walked out on his address. Wallace is a long-time GOP fundraiser, who headed President Bush’s Houston-area presidential campaign in ‘80. When Reagan won the GOP nomination that year, Wallace joined his national campaign. In the private sector he was an assistant to oil tycoon Roy M. Huffington and headed Mosbacher’s venture capital firm, Mosbacher de Mexico. He also started his own oil investment firm, Tobin-Windham Interests.