Audit: Cruz did not properly disclose Goldman Sachs loans in 2012

By Abby Livingston

The agency that oversees federal elections said on Thursday that U.S. Sen. Ted Cruz incorrectly disclosed several loans from Goldman Sachs Group Inc. and Citigroup Inc. to his 2012 underdog campaign for U.S. Senate.

Members of the Federal Election Commission approved a staff audit stating that the Cruz Senate campaign did not disclose to voters $1.1 million in loans from the large banks in his campaign finance filings. The announcement came in the form of the audit posted on the FEC website.

At the time Cruz was running for Senate, his wife, Heidi Cruz, was a managing director at Goldman Sachs. Both that bank and Citigroup accepted bailout money during the 2008 financial crisis and have since been the source of much political controversy.

The unanimous vote by all five commissioners is unusual for the FEC, which is known as one of the most gridlocked arms of the federal government.  

The FEC audit comes well over a year after the issue flared up during Cruz's 2016 run for the GOP presidential nomination. In the heat of the early nomination fight, Cruz described the mistake as a "technical and inadvertent filing error." A spokeswoman at the time said the senator reached out to the commission to remedy the problem.

No penalty has been imposed at this point.

This article originally appeared in The Texas Tribune. 

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