$ 55,000 in personel loans forgotten by Gregory Meeks

One would think that getting a personel loans isn't typically an easy thing to forget. New York congressman Gregory Meeks from Queens, nevertheless, apparently just “forgot” a lot more than $ 55,000 in personal loan. A member of the U.S. House of Representatives for the last 11 years, Gregory Meeks is on the House Financial Committee.

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

What Gregory Meeks considers an "oversight"

Last Sunday, the New York Daily News broke the story that Gregory Meeks had two cash personal loans that he "forgot" to list on financial disclosures. In a statement to the Daily News, Meeks admitted that these loans existed, but did not reveal any other data about them. These loans were one $ 40,000 loan in 2007 and one $ 15,000 loan in 2008. These loans were both listed as "personal secured loans.” At the moment, Meeks also lists a loan "around $ 50,000 to $ 100,000" from a Queens investor.

Needs of financial disclosure

Members of the U.S. House of Representatives have to make extensive financial disclosures. Due halfway through May each year, these disclosure statements consist of incomes, assets, and liabilities. Gregory Meeks’ 2009 disclosure was filed about a month late, which prompted inquiries. 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, do not post these disclosures online.

Will Gregory Meeks be charged?

This $ 55,000 oversight could very easily lead to official disciplinary action for Gregory Meeks. First, he might be charged with a violation of the ethics code 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 you will find additional problems or improprieties with the administration of these loans. The real question will be during the next election cycle where Gregory Meeks may face questions from his constituency.