Why Did Ted Cruz Refuse to Disclose How Much His Wife - a VP at Goldman Sachs - Makes?

Texas Republican Senator Ted Cruz has announced his intention to run for the presidency. He is widely expected to tap into the Tea Party base of the Republican party and posit himself as anti-establishment – in this case, an establishment that is too weak-kneed and too willing to compromise with the Democrats.

But a curious statement on Cruz's financial disclosure shows that he may not be so opposed to the establishment he rails against. See, Cruz's wife is a vice president at Goldman Sachs, the megabank so close to the powers in Washington that it is often jokingly referred to as “Government Sachs.” Because spousal income is shared, it is required for Members of Congress to list their spouse's employement if it gives them over $1,000. They are not required to list the exact income their spouse receives, but they are certainly allowed to if they are willing to be that transparent.

Cruz was not. Below you'll find a recent disclosure by the Senator. As you can see, he only lists his wife''s income as “Over $1,000.”


She's listed the same way in a May 2014 update:


Now, as we said before, Cruz is not required to list the exact amount his wife earned. But given the fact that he is as a Senator responsible for taking major votes on financial regulation and certainly as president that would be a big part of his duties to oversee the Consumer Financial Protection Bureau, it's certainly important information.

And his chief rival from the Democratic side, Hillary Clinton, did list her spouse's exact income while she was a Senator, because it was paid in honoraria, which through a loophole asks exact amounts paid.  Here's what a page from her financial disclosures looks like:


As you can see, Clinton listed the exact amounts paid to her husband, thanks to a loophole in the requirements, she was required to report this potentially embarrassing information, while Cruz has happily sat on the numbers of what his wife is paid.

At his CPAC speech in 2014, Cruz made a big show about repealing the Dodd-Frank financial reform law. Whatever the merits of his argument, all of us are denied a simple piece of information about the ramifications of doing so – how much he personally would make from such a proposal. His lack of transparency should be an issue.

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