Tom Daxon
Encyclopedia
Thomas E. "Tom" Daxon is an American
businessman and politician
from Oklahoma
. Daxon has held numerous positions with the Oklahoma state government
, including being elected Oklahoma State Auditor and Inspector
in 1978 and serving as the Oklahoma Secretary of Finance and Revenue
under Governor of Oklahoma
Frank Keating
. He was the Republican
nominee for Governor in 1982, ultimately losing to Democratic
incumbent George Nigh
.
, Daxon earned his bachelor's degree in economics
from Oklahoma State University (OSU) in 1970 and received his master's degree in geography
from OSU in 1977. While in college, Daxon became an activist for the Oklahoma Republican Party
. He served as the president of the Oklahoma State University College Republicans.
After graduating from OSU, Daxon moved to Sand Springs, Oklahoma
, and joined the Tulsa
-based CPA
firm of Hurdman and Cranstoun as an auditor.
, unseating 20-year Democratic incumbent John M. Rogers. Rogers had allowed that office to decline to the point that the federal government was threatening to cut off federal funds. At the time of his election, Daxon was only 32 years old and was the only Republican to hold a statewide office in Oklahoma.
Daxon raised the number of CPAs on his staff from only 1 to 26 while cutting the total office staff from 126 to 81. He formed an investigative unit that exposed questionable practices in certain license plate agencies and at the Oklahoma Department of Human Services
. He introduced modern auditing techniques that included operational reviews of audited agencies and financial reporting in accordance with generally accepted accounting principles, leading Oklahoma to become the first state to issue comprehensive GAAP
-basis general purpose financial statements, using its own staff.
in its probe of many Oklahoma county commissioners. By the end of the investigation in 1984, more than 200 people (mostly county commissioners) from 60 of Oklahoma's 77 counties had been convicted of crimes. Most were convicted of taking kickbacks paid by suppliers on orders for county road-building supplies. More than 70 sitting commissioners had to resign in connection with the probe. 69 counties had commissioners resign in the wake of the probe, and 13 counties lost all three of their commissioners in connection with the scandal.
for Governor of Oklahoma
. Daxon challenged incumbent Democrat
George Nigh
. Nigh was ultimately successful in seeking reelection, defeating Daxon 62% to 38%.
, and joined accounting giant Arthur Andersen
where he served as an adviser on government audits and accounting until 1990. In 1993 Daxon became the Manager of Quality Assurance for Arthur Anderson and oversaw major elements of the Resolution Trust Corporation
. His team eliminated a nationally-publicized backlog of unreconciled accounts and worked with outside auditors to obtain the RTC's first clean audit opinion. He was also responsible for special projects relating to privatization in state and local government for Arthur Andersen.
following an investment fund melt-down which resulted in the loss of at least $1.5 billion through high-risk investments in derivatives, the largest municipal bankruptcy
in U.S. history filed under Chapter 9
in December, 1994, and the resignation and subsequent criminal prosecution of Orange County Treasurer Robert Citron
. Upon arriving in Orange County later that month, he was appointed to a four-month term as interim County Treasurer and oversaw the County's efforts to emerge from bankruptcy in June 1995.
Frank Keating
was elected Governor of Oklahoma
in November 1994, Keating had asked Daxon to be his budget director. In order for Daxon to be able to accept the Californai assignament, then Governor of California Pete Wilson called Keating and asked if California could borrow Daxon to help sort out the Orange County mess. Keating agreed to a 4 month loan of Daxon's services. Daxon returned to Oklahoma full-time in April 1995 to serve as Keating's budget director. In that position, Daxon was responsible for overseeing the developing and implementation of the Keating's annual state budget.
Concurrent with his service as State Finance Director, Keating appointed Daxon as Oklahoma Secretary of Finance and Revenue
. As Finance Secretary, Daxon was responsible for developing Keating's economic
and tax policies
as well as providing oversight to the State's finance agencies, including the Oklahoma Tax Commission
, the Oklahoma State Banking Department
, the Oklahoma Department of Consumer Credit
, the Oklahoma Department of Securities
, and the Oklahoma Department of Insurance
.
Daxon remained as Finance Secretary for Keating's entire eight years as Governor.
was elected Governor, Daxon was appointed interim General Administrator for the Oklahoma Corporation Commission
. Daxon served in that position from January to June, 2003.
business organization designed to help state officials create an environment conducive for economic growth. He remained in that position until 2005.
for the first time since 1921. Speaker of the Oklahoma House of Representatives
-elect Todd Hiett
(R-Kellyville) appointed Daxon Director of the House Office of Budget and Performance Review. As Director, he provided fiscal analysis to the House speaker and Appropriation and Budget committee chairmen and oversaw all performance reviews of state agency operations.
in 2006 and served for one year, during which time the Republican Party picked up additional legislative seates in the 2006 fall elections. Daxon was succeeded as Chairman by Gary Jones in April 2007.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
businessman and politician
Politician
A politician, political leader, or political figure is an individual who is involved in influencing public policy and decision making...
from Oklahoma
Oklahoma
Oklahoma is a state located in the South Central region of the United States of America. With an estimated 3,751,351 residents as of the 2010 census and a land area of 68,667 square miles , Oklahoma is the 28th most populous and 20th-largest state...
. Daxon has held numerous positions with the Oklahoma state government
Government of Oklahoma
The government of the US State of Oklahoma, established by the Oklahoma Constitution, is a republican democracy modeled after the Federal government of the United States. The state government has three branches: the executive, legislative, and judicial...
, including being elected Oklahoma State Auditor and Inspector
Oklahoma State Auditor and Inspector
The Oklahoma State Auditor and Inspector is the chief financial officer for the U.S. State of Oklahoma. The State Auditor and Inspector is responsible for overseeing and reviewing the financial accounts of all government agencies within Oklahoma....
in 1978 and serving as the Oklahoma Secretary of Finance and Revenue
Oklahoma Secretary of Finance and Revenue
The Oklahoma Secretary of Finance and Revenue is a member of the Oklahoma Governor's Cabinet. The Secretary is appointed by the Governor, with the consent of the Oklahoma Senate, to serve at the pleasure of the Governor...
under Governor of Oklahoma
Governor of Oklahoma
The governor of the state of Oklahoma is the head of state for the state of Oklahoma, United States. Under the Oklahoma Constitution, the governor is also the head of government, serving as the chief executive of the Oklahoma executive branch, of the government of Oklahoma...
Frank Keating
Frank Keating
Francis Anthony "Frank" Keating is an American politician from Oklahoma. Keating served as the 25th Governor of Oklahoma. His first term began in 1995 and ended in 1999...
. He was the Republican
Republican Party (United States)
The Republican Party is one of the two major contemporary political parties in the United States, along with the Democratic Party. Founded by anti-slavery expansion activists in 1854, it is often called the GOP . The party's platform generally reflects American conservatism in the U.S...
nominee for Governor in 1982, ultimately losing to Democratic
Democratic Party (United States)
The Democratic Party is one of two major contemporary political parties in the United States, along with the Republican Party. The party's socially liberal and progressive platform is largely considered center-left in the U.S. political spectrum. The party has the lengthiest record of continuous...
incumbent George Nigh
George Nigh
George Patterson Nigh , is a popular civic leader in the U.S. state of Oklahoma. Nigh served as the 17th and the 22nd Governor of Oklahoma. He was the first Oklahoma Governor to be re-elected and the first to win all 77 counties in the state...
.
Education and early career
A native of Oklahoma CityOklahoma city
Oklahoma City is the capital and largest city of the U.S. state of Oklahoma.Oklahoma City may also refer to:*Oklahoma City metropolitan area*Downtown Oklahoma City*Uptown Oklahoma City*Oklahoma City bombing*Oklahoma City National Memorial...
, Daxon earned his bachelor's degree in economics
Economics
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...
from Oklahoma State University (OSU) in 1970 and received his master's degree in geography
Geography
Geography is the science that studies the lands, features, inhabitants, and phenomena of Earth. A literal translation would be "to describe or write about the Earth". The first person to use the word "geography" was Eratosthenes...
from OSU in 1977. While in college, Daxon became an activist for the Oklahoma Republican Party
Oklahoma Republican Party
The Oklahoma Republican Party is a political party affiliated with the United States Republican Party . Along with the Oklahoma Democratic Party, it is one of the two major parties in Oklahoma politics.-Voter base:...
. He served as the president of the Oklahoma State University College Republicans.
After graduating from OSU, Daxon moved to Sand Springs, Oklahoma
Sand Springs, Oklahoma
Sand Springs is a city in Osage and Tulsa counties in the U.S. state of Oklahoma. A suburb of Tulsa, it is located predominantly in Tulsa County. The population was 18,906 in the 2010 U. S. Census, compared to 17,451 at the 2000 census. The city was founded in 1911, by Oklahoma philanthropist...
, and joined the Tulsa
Tulsa, Oklahoma
Tulsa is the second-largest city in the state of Oklahoma and 46th-largest city in the United States. With a population of 391,906 as of the 2010 census, it is the principal municipality of the Tulsa Metropolitan Area, a region with 937,478 residents in the MSA and 988,454 in the CSA. Tulsa's...
-based CPA
Certified Public Accountant
Certified Public Accountant is the statutory title of qualified accountants in the United States who have passed the Uniform Certified Public Accountant Examination and have met additional state education and experience requirements for certification as a CPA...
firm of Hurdman and Cranstoun as an auditor.
Oklahoma State Auditor
In 1978, Daxon was elected Oklahoma State Auditor and InspectorOklahoma State Auditor and Inspector
The Oklahoma State Auditor and Inspector is the chief financial officer for the U.S. State of Oklahoma. The State Auditor and Inspector is responsible for overseeing and reviewing the financial accounts of all government agencies within Oklahoma....
, unseating 20-year Democratic incumbent John M. Rogers. Rogers had allowed that office to decline to the point that the federal government was threatening to cut off federal funds. At the time of his election, Daxon was only 32 years old and was the only Republican to hold a statewide office in Oklahoma.
Daxon raised the number of CPAs on his staff from only 1 to 26 while cutting the total office staff from 126 to 81. He formed an investigative unit that exposed questionable practices in certain license plate agencies and at the Oklahoma Department of Human Services
Oklahoma Department of Human Services
The Oklahoma Department of Human Services is an agency of the government of Oklahoma responsible for providing help to individuals and families in need through public assistance programs and managing services for seniors and people with disabilities. The Department is governed by the Commission on...
. He introduced modern auditing techniques that included operational reviews of audited agencies and financial reporting in accordance with generally accepted accounting principles, leading Oklahoma to become the first state to issue comprehensive GAAP
Gaap
In demonology, Gaap is a mighty Prince and Great President of Hell, commanding sixty-six legions of demons. He is, according to The Lesser Key of Solomon, the king and prince of the southern region of Hell and Earth, and according to the Pseudomonarchia Daemonum the king of the western region and...
-basis general purpose financial statements, using its own staff.
County Commissions scandal
In 1981, Daxon cooperated with the Federal Bureau of InvestigationFederal Bureau of Investigation
The Federal Bureau of Investigation is an agency of the United States Department of Justice that serves as both a federal criminal investigative body and an internal intelligence agency . The FBI has investigative jurisdiction over violations of more than 200 categories of federal crime...
in its probe of many Oklahoma county commissioners. By the end of the investigation in 1984, more than 200 people (mostly county commissioners) from 60 of Oklahoma's 77 counties had been convicted of crimes. Most were convicted of taking kickbacks paid by suppliers on orders for county road-building supplies. More than 70 sitting commissioners had to resign in connection with the probe. 69 counties had commissioners resign in the wake of the probe, and 13 counties lost all three of their commissioners in connection with the scandal.
1982 Gubernatorial campaign
Daxon left the State Auditor's Office to become the Republican nomineeRepublican Party (United States)
The Republican Party is one of the two major contemporary political parties in the United States, along with the Democratic Party. Founded by anti-slavery expansion activists in 1854, it is often called the GOP . The party's platform generally reflects American conservatism in the U.S...
for Governor of Oklahoma
Governor of Oklahoma
The governor of the state of Oklahoma is the head of state for the state of Oklahoma, United States. Under the Oklahoma Constitution, the governor is also the head of government, serving as the chief executive of the Oklahoma executive branch, of the government of Oklahoma...
. Daxon challenged incumbent Democrat
Democratic Party (United States)
The Democratic Party is one of two major contemporary political parties in the United States, along with the Republican Party. The party's socially liberal and progressive platform is largely considered center-left in the U.S. political spectrum. The party has the lengthiest record of continuous...
George Nigh
George Nigh
George Patterson Nigh , is a popular civic leader in the U.S. state of Oklahoma. Nigh served as the 17th and the 22nd Governor of Oklahoma. He was the first Oklahoma Governor to be re-elected and the first to win all 77 counties in the state...
. Nigh was ultimately successful in seeking reelection, defeating Daxon 62% to 38%.
Work for Arthur Andersen
Following his defeat in the gubernatorial election, in 1983, Daxon moved his family to McLean, VirginiaMcLean, Virginia
McLean is an unincorporated community and census-designated place in Fairfax County in Northern Virginia. The community had a total population of 48,115 as of the 2010 census....
, and joined accounting giant Arthur Andersen
Arthur Andersen
Arthur Andersen LLP, based in Chicago, was once one of the "Big Five" accounting firms among PricewaterhouseCoopers, Deloitte Touche Tohmatsu, Ernst & Young and KPMG, providing auditing, tax, and consulting services to large corporations...
where he served as an adviser on government audits and accounting until 1990. In 1993 Daxon became the Manager of Quality Assurance for Arthur Anderson and oversaw major elements of the Resolution Trust Corporation
Resolution Trust Corporation
The Resolution Trust Corporation was a United States Government-owned asset management company run by Lewis William Seidman and charged with liquidating assets, primarily real estate-related assets such as mortgage loans, that had been assets of savings and loan associations declared insolvent by...
. His team eliminated a nationally-publicized backlog of unreconciled accounts and worked with outside auditors to obtain the RTC's first clean audit opinion. He was also responsible for special projects relating to privatization in state and local government for Arthur Andersen.
Orange County Treasurer
While employed by Arthur Anderson in 1994, Daxon was appointed as head of a delegation from the firm tasked with providing financial advice to Orange County, CaliforniaOrange County, California
Orange County is a county in the U.S. state of California. Its county seat is Santa Ana. As of the 2010 census, its population was 3,010,232, up from 2,846,293 at the 2000 census, making it the third most populous county in California, behind Los Angeles County and San Diego County...
following an investment fund melt-down which resulted in the loss of at least $1.5 billion through high-risk investments in derivatives, the largest municipal bankruptcy
Bankruptcy
Bankruptcy is a legal status of an insolvent person or an organisation, that is, one that cannot repay the debts owed to creditors. In most jurisdictions bankruptcy is imposed by a court order, often initiated by the debtor....
in U.S. history filed under Chapter 9
Chapter 9, Title 11, United States Code
Chapter 9, Title 11 of the United States Code is a chapter of the United States Bankruptcy Code, available exclusively to municipalities and assists them in the restructuring of debts...
in December, 1994, and the resignation and subsequent criminal prosecution of Orange County Treasurer Robert Citron
Robert Citron
Robert Lafee Citron is a Democratic Party politician who was the longtime Treasurer-Tax Collector of Orange County, California, when it declared Chapter 9 bankruptcy on December 6, 1994. Citron was the only Democrat to hold office in otherwise Conservative/Republican Orange County at the time...
. Upon arriving in Orange County later that month, he was appointed to a four-month term as interim County Treasurer and oversaw the County's efforts to emerge from bankruptcy in June 1995.
Keating Administration
However, shortly after RepublicanRepublican Party (United States)
The Republican Party is one of the two major contemporary political parties in the United States, along with the Democratic Party. Founded by anti-slavery expansion activists in 1854, it is often called the GOP . The party's platform generally reflects American conservatism in the U.S...
Frank Keating
Frank Keating
Francis Anthony "Frank" Keating is an American politician from Oklahoma. Keating served as the 25th Governor of Oklahoma. His first term began in 1995 and ended in 1999...
was elected Governor of Oklahoma
Governor of Oklahoma
The governor of the state of Oklahoma is the head of state for the state of Oklahoma, United States. Under the Oklahoma Constitution, the governor is also the head of government, serving as the chief executive of the Oklahoma executive branch, of the government of Oklahoma...
in November 1994, Keating had asked Daxon to be his budget director. In order for Daxon to be able to accept the Californai assignament, then Governor of California Pete Wilson called Keating and asked if California could borrow Daxon to help sort out the Orange County mess. Keating agreed to a 4 month loan of Daxon's services. Daxon returned to Oklahoma full-time in April 1995 to serve as Keating's budget director. In that position, Daxon was responsible for overseeing the developing and implementation of the Keating's annual state budget.
Concurrent with his service as State Finance Director, Keating appointed Daxon as Oklahoma Secretary of Finance and Revenue
Oklahoma Secretary of Finance and Revenue
The Oklahoma Secretary of Finance and Revenue is a member of the Oklahoma Governor's Cabinet. The Secretary is appointed by the Governor, with the consent of the Oklahoma Senate, to serve at the pleasure of the Governor...
. As Finance Secretary, Daxon was responsible for developing Keating's economic
Economic policy
Economic policy refers to the actions that governments take in the economic field. It covers the systems for setting interest rates and government budget as well as the labor market, national ownership, and many other areas of government interventions into the economy.Such policies are often...
and tax policies
Tax policy
Tax policy is the government's approach to taxation, both from the practical and normative side of the question.-Philosophy:Policymakers debate the nature of the tax structure they plan to implement and how they might affect individuals and businesses .The reason for such foitution effect]],...
as well as providing oversight to the State's finance agencies, including the Oklahoma Tax Commission
Oklahoma Tax Commission
The Oklahoma Tax Commission is the Oklahoma state government agency that collects taxes and enforces the internal revenue laws of the state. The Commission is composed of three members appointed by the Governor of Oklahoma with the approval of the Oklahoma Senate...
, the Oklahoma State Banking Department
Oklahoma State Banking Department
The Oklahoma State Banking Department is an agency of the state of Oklahoma. The Banking Department is responsible for regulating Oklahoma's banking system, including state-chartered banks, credit unions, savings and loan associations, and trust companies, as well as cemeteries and money order...
, the Oklahoma Department of Consumer Credit
Oklahoma Department of Consumer Credit
The Oklahoma Department of Consumer Credit is an agency of the state of Oklahoma. The Department regulates the consumer lending business in Oklahoma by overseeing non-commercial credit, small loans, installment sales and usury...
, the Oklahoma Department of Securities
Oklahoma Department of Securities
The Oklahoma Department of Securities is an agency of the state of Oklahoma. The Department oversees the securities business in Oklahoma. The Department regulates securities agents, broker-dealers, and investment advisers as well as the registration of stocks, bonds, and many other types of...
, and the Oklahoma Department of Insurance
Oklahoma Department of Insurance
The Oklahoma Insurance Department is an agency of the government of Oklahoma under the Oklahoma Insurance Commissioner, a statewide elected official. OID is responsible for supervising and regulating all insurance business in Oklahoma....
.
Daxon remained as Finance Secretary for Keating's entire eight years as Governor.
Corporation Commission
When Democrat Brad HenryBrad Henry
Charles Bradford "Brad" Henry was the 26th Governor of the U.S. state of Oklahoma. A member of the Democratic Party, he was elected governor in 2002...
was elected Governor, Daxon was appointed interim General Administrator for the Oklahoma Corporation Commission
Oklahoma Corporation Commission
The Oklahoma Corporation Commission is the public utilities commission of the state of Oklahoma run by three state-wide elected Commissioners, assisted by over 400 employees...
. Daxon served in that position from January to June, 2003.
Opportunity Oklahoma
Daxon resigned from the Corporation Commission to become the Executive Director of Opportunity Oklahoma, an Oklahoma CityOklahoma city
Oklahoma City is the capital and largest city of the U.S. state of Oklahoma.Oklahoma City may also refer to:*Oklahoma City metropolitan area*Downtown Oklahoma City*Uptown Oklahoma City*Oklahoma City bombing*Oklahoma City National Memorial...
business organization designed to help state officials create an environment conducive for economic growth. He remained in that position until 2005.
OK House of Representatives
In the 2004 Oklahoma general election, Republicans gained a majority in the Oklahoma House of RepresentativesOklahoma House of Representatives
The Oklahoma House of Representatives is the lower house of the Oklahoma Legislature, the legislative body of the U.S. state of Oklahoma. Its members are responsible for introducing and voting on bills and resolutions, providing legislative oversight for state agencies, and helping to craft the...
for the first time since 1921. Speaker of the Oklahoma House of Representatives
Speaker of the Oklahoma House of Representatives
The Speaker of the Oklahoma House of Representatives is the presiding officer of the lower house of the Oklahoma Legislature, the Oklahoma House of Representatives. The Speaker exercises administrative and procedural functions in the House, but most importantly remains a representative of his...
-elect Todd Hiett
Todd Hiett
Todd Hiett is an American rancher and Republican politician from Kellyville. He served in the Oklahoma House of Representatives from 1995 until 2007. During his final two years in office, Hiett served as the Speaker of the House...
(R-Kellyville) appointed Daxon Director of the House Office of Budget and Performance Review. As Director, he provided fiscal analysis to the House speaker and Appropriation and Budget committee chairmen and oversaw all performance reviews of state agency operations.
Oklahoma Republican Party
Daxon was elected Chairman of the Oklahoma Republican PartyOklahoma Republican Party
The Oklahoma Republican Party is a political party affiliated with the United States Republican Party . Along with the Oklahoma Democratic Party, it is one of the two major parties in Oklahoma politics.-Voter base:...
in 2006 and served for one year, during which time the Republican Party picked up additional legislative seates in the 2006 fall elections. Daxon was succeeded as Chairman by Gary Jones in April 2007.