WELSH, Joseph J.

WELSH, Joseph J. (Dubuque, IA, Aug. 10, 1955- ). Welsh, a former Dubuque County deputy sheriff, served two terms in the Iowa House (1979-1983) before being elected to the Iowa Senate representing the 17th Senatorial District. He served as chairman of the powerful Senate Appropriations Committee in the 71st-73rd sessions of the Iowa Legislature. In 1984 he was a Democratic nominee for the United States Congress. (1)

In 1990 during the 74th session of the Iowa Legislature Welsh had to surrender chairmanship of the Appropriations Committee after his election as the first legislator to serve as president of the Senate, a job previously handled by the lieutenant governor. (2)

At the same time, Welsh became associated with Steven Wymer, an investment manager for cities, counties, pension funds and banks in 13 states. Many clients said they felt secure because Mr. Wymer dealt primarily in government securities and they liked his associates. In Southern California, Wymer hired Harold Brewer, former treasurer of the city of Riverside, as his chief salesman, giving him instant credibility. In Iowa, Wymer retained Joseph Welsh, president of the State Senate. On December 17, 1991 Wymer was arrested and charged with securities fraud and mail fraud in the handling of his clients' accounts. In Iowa, this became known as the IOWA TRUST FUND scandal. (3)

During the Senate Ethics Committee probe into his involvement with the Iowa Trust, Welsh did not preside. He did not, however, give up his presidency and continued to assign bills to committees and oversee administrative duties. (4) On January 21, 1992, Welsh resigned his presidency of the Senate. On January 22, 1992, the Senate Ethics Committee dropped its investigation of Welsh saying he had suffered enough. (5) Despite his involvement with Wymer, Welsh was able to retain his Senate seat and served from 1983-1995. (6)

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Source:

1. The Iowa Legislature. Online: https://www.legis.iowa.gov/legislators/historicalInformation?searchGA=ALL&showServLegis=on&lastName=Welsh&firstName=Joseph&chamberID=&leadershipPositionID=&partyID=&districtID=&countyID=

2. Ibid.

3. Perez-Pena, Richard. "Investment Manager Faces Charges of Securities Fraud," New York Times, December 18, 1991. Online: http://www.nytimes.com/1991/12/18/business/investment-manager-faces-charges-of-securities-fraud.html

4. Webber, Steve. "Welsh Won't Preside During Probe," Telegraph Herald, January 13, 1992, p. 1. Online: https://news.google.com/newspapers?nid=aEyKTaVlRPYC&dat=19920113&printsec=frontpage&hl=en

5. Webber, Steve. "Panel Drops Probe of Welsh," Telegraph Herald, January 23, 1992, p. 1. Online: https://news.google.com/newspapers?nid=aEyKTaVlRPYC&dat=19920123&printsec=frontpage&hl=en

6. The Iowa Legislature