Ted Cruz granted extension on FEC personal finance statement; Democrats pounce

Republican U.S. Sen. Ted Cruz, seeking a third term in the November election against well-financed Dallas Democratic U.S. Rep. Colin Allred, has been granted permission by the Federal Election Commission to extend his deadline to file his required personal financial statement from mid-May to Aug. 14.

The extension, published on the FEC's website, comes as Cruz is attempting to fend off allegations that hundreds of thousands of dollars in proceeds from his podcast "Verdict with Ted Cruz" are being directed to a political action committee supporting his reelection.

"Senator Cruz appears on Verdict three times a week for free,” the campaign told the American-Statesman in an email.

Cruz does the podcast with co-host Ben Ferguson and according to its homepage offers a behind-the-scenes analysis "of the political debates that define our country."

The Senate Ethics Committee in February found that Cruz did not violate federal law in connection with his podcast and the political action committee. But last week, two campaign finance watchdog groups asked the FEC to investigate their allegations that Cruz had violated the Federal Election Campaign Act after iHeartMedia, a San Antonio media company that publishes "Verdict," made deposits to a super PAC connected to Cruz's reelection campaign.

More:Ted Cruz, Colin Allred each raise $9 million-plus over three months in US Senate race

The payments were reported as "digital revenue" or "digital income" as opposed to campaign contributions.

The Cruz campaign did not directly address a question from the Statesman about whether the delay in filing the personal financial statement was related to the podcast controversy. Cruz has received 10 extensions during his time in the Senate. Allred has received four since entering Congress in 2019.

But a spokesman for the Texas Democratic Party pounced on Cruz's latest delay, which means the details contained in the statement won't be available for public review until less than three months before the Nov. 5 election.

“With his shady podcast scandal getting worse by the day, it’s no surprise that Ted Cruz wants to keep his finances out of Texans’ view for as long as possible," party spokesman Ryan Radulovacki said in an emailed statement. "Texans deserve answers, a full investigation, and a U.S. Senator — not a full-time podcaster — who’s committed to actually delivering for Texans."

The Allred campaign said the three-term congressman, who is forgoing reelection in a safe Democratic district this year to challenge Cruz, plans to meet the May 15 deadline for filing his statement.

The disclosures, required annually, offer the public a glimpse of how members of Congress earn and invest money outside of their $174,000 annual government salaries.

Cruz's 2022 statement shows that he was given a $500,000 advance for the book he was writing and that he had hundreds of thousands of dollars in investments through sundry mutual funds and corporate stocks. He and his wife, Heidi, also owed between $1 million and $5 million on a home mortgage that carried an interest rate of 2.65% for the first seven years and an adjustable rate thereafter.

Allred's 2022 statement showed tens of thousands of dollars invested in treasury bond and equity funds. The amount owed on Colin and Aly Allred's home mortgage ranged from $250,000 to $500,000. The interest rate was not reported.