Ted Cruz Gets Hit With $35K Fine After Being Caught Breaking Campaign Finance Laws
Texas Senator Ted Cruz (R) has been fined $35,000 by the Federal Election Commission (FEC) for failing to adequately disclose loans he had obtained for his Senate bid, the Dallas Morning News reports.
The fine stems from a 2016 complaint filed by the nonpartisan Campaign Legal Center (CLC) over loans he had received from Goldman Sachs and Citibank, a bulk of which he injected into his campaign as personal funds.
According to the report, Cruz injected more than $1 million in personal funds into his campaign.
The FEC found that Cruz had violated a campaign finance statute.
The FEC said in a letter to the CLC that it accepted a conciliatory agreement from the Cruz campaign.
Federal election law allows candidates to take out loans from commercial banks as long as they properly disclose the funding sources, the interest rates paid and the loans’ terms.