Gregory Meeks forgets to disclose $ 55,000 in personal loan

A huge personal loan is easy to forget, right?. New York congressman Gregory Meeks from Queens, nevertheless, evidently just “forgot” a lot more than $ 55,000 in personal loans. As a senior member of the House Financial Services Committee, Meeks is one of the senior representatives from New York.

Source for this article: Gregory Meeks forgets to disclose $ 55,000 in personal loans Personal Money Store

What Gregory Meeks considers an "oversight"

Gregory Meeks evidently had two personal loan that he "neglected" in an "oversight" to list on his financial disclosure statements. In a statement to the Daily News, Meeks admitted that these loans existed, but did not reveal any other info about them. This $ 55,000 was given to Meeks in two loans – $ 40,000 and $ 15,000 in 2007 and 2008. In the disclosure document, these loans were listed as "personal unsecured loans.” A Queens-area businessman also has one loan to Meeks that is worth "between $ 50,000 to $ 100,000.

Financial disclosure requirements

Any member of the U.S. House has to disclose quite a bit about their financial situation. Due halfway through May each year, these disclosure statements include incomes, assets, and liabilities. Gregory Meeks’ 2009 disclosure was filed about a month late, which prompted inquiries. Meeks says the disclosure was late because he wanted to take on a full and careful review of his finances. Technically, these disclosures are supposed 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?

There may be disciplinary action for Gregory Meeks because of this $ 55,000 "oversight". First, he could possibly 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. Most likely, nevertheless, Meeks will not face charges unless there are improprieties within the administration of these “small” cash loans. It will be up to the voters to choose in the next election whether Gregory Meeks should face consequences or not.