Wallace graduated from
Leachville High School and
Arkansas State University, where he was part of the
ROTC program. After graduation, he was commissioned as a lieutenant in the
U.S. Army, flying attack helicopters during the
Vietnam War and eventually rising to the rank of Lieutenant Colonel. Wallace founded a business specializing in disaster relief, Wallace Resources. He is married to Karen Wallace, with whom he had two children, and is a member of the
Southern Baptist Church. ==Electoral history==