After the New York Times reported that Ted Cruz had failed to disclose several loans that were used to cover costs of his campaign, the Texas Senator has now announced that he might amend his financial reports to reflect the disputed loans.
Nearly a Million Undisclosed
The comments were made by Cruz after the report from the paper claimed that the Republican presidential candidate and his wife took out several low-interest loans from Citigroup and the Goldman Sachs Group during the first six months of 2012.
The funds acquired through the loans came out to nearly $750,000 with an option of a maximum of $1 million. The Times cited that the couple’s personal financial disclosures did not include an explanation of the purpose of the funds that apparently went unreported in the campaign’s finance reports.
According to the research, while Cruz has repaid the loan taken from Citigroup, the senator has still not paid off between $50,000 and $100,000 of the Goldman Sachs loan. Both of the loans acquired by Cruz and his wife had an interest rate of 3 percent.
Downplaying the Issue
All candidates who run for political office are required by law to disclose all of the funding sources for their campaign with the Federal Election Commission. Cruz attempted to downplay the issue of undisclosed funds as a simple clerical error.
Cruz commented that in case the loans were indeed not reported to the Federal Election Commission as required, he would amend his filings. However, he added that all of the information has been publicly available and transparent for years now, and that should put a stop to the discussion. In the worst case, he claims that the issue came down to an inadvertent filing error and that the underlying filing question has been available and disclosed for years.