Waltham was among a group of men appointed by the Wonderful Parliament of 1386 to reform government and to break the influence of Richard's inner circle of favourites There is some evidence that Waltham may initially have been sympathetic to the Appellant cause, but it is known that Waltham became a favourite and close friend of the king from about 1390. Richard's favour was evident when he appointed Waltham Lord Treasurer in 1391. The relationship between Waltham and the king has been a matter of speculation; it has been claimed that there was "scandalous talk of the king's affection for him", but Richard's reputation was widely maligned after his downfall by his detractors (Thomas Walsingham notably made revisions to his Chronicle in 1394 which made allegations about Richard's relationship with Robert de Vere)