[1] Welsh contested the 1984 United States House of Representatives election in Iowa, losing to incumbent Tom Tauke.
[1] During his two-year term as senate president, Welsh became associated with Steven Wymer, an investment manager who was charged with securities fraud in December 1991.
[3] The next month, Welsh's senate colleagues organized a probe into his business relationships,[4][5] particularly in his position as a representative of Institutional Treasury Management Inc.[6] The affair became known as the Iowa Trust Fund scandal.
[8] Charges against Welsh were primarily led by former legislator Lucas DeKoster, as a member of the Senate Ethics Committee,[9] and Jack Rife.
[11] In light of the findings, Beverly Hannon challenged voters to write a legislative code of ethics.