The New York Times reported Wednesday evening that Sen. Ted Cruz failed to report a loan as large as $500,000 from two big banks that he and his wife Heidi took out during his 2012 Senate bid.
The Times says Cruz borrowed money from Goldman Sachs, the bank where his wife works as a managing director, and took out another loan from Citibank. The report said such a loan is legal, but said neither of the loans were documented in papers filed with the Federal Election Commission, which requires congressional candidates to disclose all personal and campaign-related assets, expenditures and donations.
Cruz put $960,000 of personal funds into his Senate campaign in May 2012, but did not indicate if he had liquidated assets to come up with that money or had used either of the loans to assist with funding his campaign, according to the report.
Senate ethics rules require candidates to list all assets, regardless of whether they were used to fund a campaign.
Catherine Frazier, spokeswoman for Cruz’s presidential campaign, told the Times that the campaign’s decision not to disclose the Goldman Sachs loan was an “inadvertent” mistake, and said Cruz’s financial disclosure forms would be updated appropriately.
