Richard Waterfield graduated from Canadian High School and attended Oklahoma State University, where he was a member of Beta Theta Pi. He operated his family ranch and held leadership roles in the family business, Canadian Feed Yards, and the Texas Cattle Feeders Association. Waterfield also served as a director for the First State Bank of Canadian. He transitioned into public service, working as an assistant to Rick Perry and contributing to the establishment of the Texas Agriculture Finance Authority.

Richard Waterfield's political career reveals a deeply rooted commitment to agricultural interests, underscored by his family's ranching legacy and leadership in the Texas Cattle Feeders Association. His strategic establishment of the Texas Agriculture Finance Authority highlights an ideological agility that blends economic pragmatism with a staunch defense of regional industrial sectors. Despite lacking explicit mentions on environmental, education, and healthcare policies, Waterfield's legislative focus on agriculture suggests a calculated approach to policymaking that prioritizes local economic benefits.