CHECKING OUT - THE EFFECTS OF BANK OVERDRAFTS ON THE 1992 HOUSE ELECTIONS

The revelation that hundreds of House members had regularly overdrawn their checking accounts with the House bank without penalty injected a new and unanticipated issue into the 1992 elections. The consequences were profound. The scandal was a major reason for the unusually high turnover of House seats in 1992. Bank overdrafts contributed significa ntly to exit by all routes: retirement, defeat in the primary election , and defeat in the general election. Overdrafts did not automatically spell disaster for incumbents, however; a record of bad checks was fa r more damaging when exploited by an experienced, well-financied chall enger.