Congressman Gregory W. Meeks Introduces Sense of Congress Resolution on Bankruptcy Proceedings of Lehman Brothers Holding Inc. and Lehman Brothers Europe Inc.Supports Efforts to Establish An International Framework for International Bankruptcy ...

(WASHINGTON, DC)– Today, Congressman Gregory W. Meeks offered a Concurrent Resolution to expedite the bankruptcy proceedings of Lehman Brothers Holding Inc. and Lehman Brothers Europe Inc. This resolution requires that these proceedings be resolved in an equitable and expeditious manner between the United States and United Kingdom. In addition, Congressman Meeks’ resolution is specifically asking that the interests of American investors be given the utmost consideration and be treated with extreme urgency throughout this process.

“With the interest of the American investor at stake, it is extremely important that these proceedings are as timely and efficient as possible. At the one year anniversary of the bankruptcy of Lehman Brothers there are many universities, foundations, non-profits and U.S. Citizens who have assets that are being withheld and who are being affected tremendously. The United States and United Kingdom must work in a collaborative partnership to establish an international framework in coordinating these bankruptcy proceedings amongst the business holdings and operations in each country. This resolution strengthens the commitment between the United States and the United Kingdom to do so and calls for sufficient resources from the Securities and Exchange Commission to aid in this effort,” said Congressman Meeks.

On September 15, 2008 the United States saw one of its most successful financial institutions, Lehman Brothers Inc., collapse and file for Chapter 11 bankruptcy protection. Shortly after this collapse the United States established the Troubled Asset Relief program to help get the economy back on track and prevent even more extreme financial downturns for our businesses and citizens. This resolution will help strengthen the initiatives in maintaining financial oversight and strengthening international coordination between the United Stated and United Kingdom throughout the Lehman Brothers bankruptcy proceedings.

Now serving in his sixth full-term, Meeks was elected to the House on February 3, 1998. Representing New York's Sixth Congressional District in the United States House of Representatives, Meeks' district covers all towns of Southeast Queens, Far Rockaway and Howard Beach. He is a member of the House Committee on Financial Services and the Committee on Foreign Affairs. Congressman Meeks is the Chairman of the International Monetary Policy & Trade Subcommittee of the House Financial Services Committee. He is a Member of the Congressional Black Caucus (CBC), New Democrats Coalition and the Democratic Leadership Council (DLC). He serves as the Co-chair of the Malaysia Caucus, Services Caucus, Dialogue Caucus, OAS Caucus and the Middle East Economic Partnership Caucus.