Republican presidential candidate Ted Cruz failed to disclose to the Federal Election Commission a loan from Goldman Sachs for as much as $500,000 that was used to help finance his successful 2012 U.S. Senate campaign, the New York Times reported on Wednesday.
The loan does not appear in reports the Ted Cruz for Senate Committee filed with the FEC, in which candidates are required to disclose the source of money they borrow to finance their campaigns, the newspaper reported.
Other campaigns have been fined for failing to make such disclosures, which are intended to inform voters and prevent candidates from receiving special treatment from lenders, the Times said.
Cruz has surged in recent opinion polls and now leads billionaire businessman Donald Trump in Iowa, which on Feb. 1 holds the first contest in the process to choose the Republican nominee for the November presidential election.
In 2012, Cruz was campaigning for the Texas Senate seat as a populist firebrand who criticized Wall Street bailouts and the influence of big banks in Washington, and the loans could have conveyed the wrong impression about his candidacy, the Times said.0