A huge personal loans is easy to forget, right?. Over $ 55,000 in personal loans appear to have just "slipped the mind" of New York congressman Gregory Meeks. Gregory Meeks, 11 year representative, is a senior member of the House Financial Services Committee.
Article Resource: Gregory Meeks forgets to disclose $ 55,000 in personal loans Personal Money Store
The "oversight" of Congressman Gregory Meeks
The New York Daily News last Sunday revealed that Gregory Meeks neglected to list two cash personel loans on financial disclosure statements. Gregory Meeks refused to provide data on the purpose or progeny of the loans. Meeks received $ 40,000 in 2007 and $ 15,000 in 2008. Both of these loans were listed as “personal quick unsecured loans.” A Queens-area businessman also has one loan to Meeks that is worth "between $ 50,000 to $ 100,000.
The requirements for financial disclosure
Members of the U.S. House of Representatives are required to make extensive financial disclosures. These disclosures are due by May 15 of each year and list assets, liabilities, incomes, gifts, board membership and real estate. Because his disclosure was sent in months late, the 2009 disclosure from Gregory Meeks was questioned. Meeks claims that a very complete overview was the reason it was late. Technically, these disclosures are intended to be public, though the House Clerk and Secretary of State, with whom they must be filed, don’t post these disclosures online.
Will Gregory Meeks face consequences?
Because of his “oversight” of forgetting to mention an extra $ 55,000-plus in personal loans, Gregory Meeks may face discipline. First, he could be charged with a violation of the ethics code under House Rule XXVI. Gregory Meeks' constituents could, legally, bring up legal action against their representative. These "small" cash loans probably won't lead to any charges unless there are additional difficulties or improprieties with the administration of these loans. It could be up to the voters to choose within the next election whether Gregory Meeks should face consequences or not.
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