U.S. Senator Ted Cruz improperly accounted for loans he received from Goldman Sachs Group Inc. and Citigroup Inc. during his 2012 campaign, saying the funds were his own personal contributions to the Senate race, the Federal Election Commission said Thursday.
The finding, released on the FEC website, marked a rare instance of agreement among the agency’s five commissioners, who voted unanimously that the $1.1 million of loans from the banks should have been disclosed to voters. The FEC didn’t say whether there would be a penalty.
Under federal election law, candidates can take out loans from commercial banks as long as they disclose the source of funds, the interest rate they are paying and the term of the loan. They can also lend or give their campaigns unlimited amounts from personal funds.