Thursday, June 24, 2010

One congressman forgets $ 55,000 in personnel loans cash

One would think that getting a personel loans isn't usually an easy thing to forget. New York congressman Gregory Meeks from Queens, however, apparently just “forgot” a lot more than $ 55,000 in personel loans. As a senior member of the House Financial Services Committee, Meeks is one of the senior representatives from New York.

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

What Gregory Meeks calls an "oversight"

The New York Daily News last Sunday revealed that Gregory Meeks neglected to list two cash personnel loans on financial disclosure statements. Gregory Meeks refused to provide data on the purpose or progeny of the loans. These loans were one $ 40,000 loan in 2007 and one $ 15,000 loan in 2008. These loans were both 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.

Needs of financial disclosure

Any member of the U.S. House has to disclose quite a bit about their financial situation. 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 supposed to be public, though the House Clerk and Secretary of State, with whom they must be filed, don’t post these disclosures online.

Consequences for Gregory Meeks?

Because of his “oversight” of forgetting to mention an extra $ 55,000-plus in personnel loans, Gregory Meeks may face discipline. A violation of the ethics code could mean that Gregory Meeks may be charged under House Rule XXVI. The constituents of Gregory Meeks' district could take legal action against him as well. These "small" cash loans probably won't lead to any charges unless there are additional issues or improprieties with the administration of these loans. The real question could be during the next election cycle where Gregory Meeks may face questions from his constituency.

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