Sen. Ted Cruz Reports Half-Million in Assets That May Not Be Obtainable
Sen. Ted Cruz,
R-Texas, has listed as an asset on his personal financial wealth statement over a half-million dollars that may never be legally obtainable.
As of the end of 2012, Cruz listed a “Loan to Ted Cruz For Senate” as an asset valued at $500,001 to $1 million. However, because of the 2002 changes to campaign finance law, the committee is limited to making loan repayments to the candidate (1) from funds received before an election, or (2) $250,000 from funds received after an election. Because of earlier loan repayments, as of the end of 2012, the committee could only legally repay the candidate $298,000. This includes $48,000 for his outstanding primary election loans, and $250,000 for his outstanding runoff election loans.
Cruz does list on his personal financial disclosure report as liabilities two loans received in 2012. One was a margin loan of $250,001 to $500,000 from Goldman Sachs. The other was a line of credit of $250,001 to $500,000 obtained from Citibank.
During the first three months of 2013, the Ted Cruz for Senate committee raised $281,863 from individuals and $92,750 from PACs and other committees.