Ted Cruz campaign inaccurately reported loans from Goldman Sachs, Citibank loans, FEC says
By Michelle Ye Hee Lee Michelle Ye Hee Lee National political enterprise and accountability reporter covering money and influence in politics Email Bio Follow March 16 at 10:52 AM The Federal Election Commission has fined the 2012 Senate campaign of Sen. Ted Cruz $35,000 for inaccurately reporting the source of more than $1 million in loans that came from Goldman Sachs and Citibank, according to records made public Friday.
Candidate loans financed by commercial lenders or a line of credit must be reported to the FEC, which regulates federal campaign activity. The candidate must report specific information about the loans, including the interest rate and any collateral or other sources of repayment that helped the candidate secure the loan.
The Campaign Legal Center and Democracy 21, organizations that advocate for greater regulation of money in politics, filed a complaint against the Cruz campaign after the New York Times reported the discrepancy in a separate article in 2016.
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