“FEC Memo Says Cruz Declines to Amend Disclosure Reports”

Bloomberg BNA:

Sen. Ted Cruz (R-Texas) has refused demands by the Federal Election Commission to provide more public details about more than $1 million in bank loans that helped finance his original campaign for the Senate in 2012, according to a new memorandum from FEC staff auditors.
Questions about Cruz’s loans were raised in news reports during last year’s presidential campaign, when the Texas senator was running for the Republican presidential nomination. The questions have never been fully resolved, according to the FEC auditors.
An audit finding that Cruz violated campaign finance reporting rules is set to be considered at the FEC commissioners’ next open meeting May 25. Cruz’s office told Bloomberg BNA that the campaign disclosure reports would be amended after the FEC commissioners approve the audit findings.
Cruz acknowledged in a letter to the FEC in January 2016 that he used loans from Goldman Sachs Group Inc. and Citibank, a subsidiary of Citigroup Inc., to help finance his 2012 campaign for the Senate. The letter did not provide details about the loans, including whether they were secured by assets held jointly by Cruz and his wife, Heidi, who had worked for Goldman Sachs.
UPDATE: Senator Cruz’s office emails this statement: “We have provided all the information the FEC has requested, and once the commissioners approve the audit report at Thursday’s meeting and the process concludes, we will be able to accurately amend our reports to be consistent with the FEC’s recommendations.”

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