The House banking scandal broke in early 1992, when it was revealed that the US House of Representatives allowed its members to overdraw their House checking accounts without the risk of being penalized by the House bank, which was actually a clearinghouse. The scandal is sometimes called Rubbergate, a Watergate portmanteau with rubber, as in bounced, check.
The House banking scandal broke in early 1992, when it was revealed that the US House of Representatives allowed its members to overdraw their House checking accounts without the risk of being penalized by the House bank, which was actually a clearinghouse. The scandal is sometimes called Rubbergate, a Watergate portmanteau with rubber, as in bounced, check.
Source: Wikipedia "House banking scandal" · CC BY-SA 4.0
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