Report: Watchdog Investigates Ted Cruz Over Loan Changes That Aided Billionaire Donors
Source: huff post
02/02/2021 03:46 am ET
The Wilks brothers obtained a $35 million Main Street loan. They also donated $15 million to a PAC that backed Cruzs presidential run.
A federal watchdog has launched an investigation into Texas Republican Sen. Ted Cruz over a $35 million COVID relief loan given to billionaire fracking brothers who were also top Cruz campaign contributors, Bloomberg reported.
Dan and Farris Wilks received the taxpayer-backed windfall even though their businesses were flush enough at the time to buy stakes in six other fracking companies, The Wall Street Journal reported late last year.
Cruz reportedly helped persuade then-Treasury Secretary Steven Mnuchin and the Federal Reserve to change the rules for the Main Street Lending Program to include operations like the Wilks businesses. The brothers then obtained a $35 million low-interest loan for ProFac Holdings LLC, a supplier of pumping equipment and services, according to records.
The Wilks brothers also donated $15 million to the super PAC Keeping the Promise, which backed Cruzs 2016 presidential campaign.
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Read more: https://www.huffpost.com/entry/tex-cruz-probe-pandemic-watchdog-fracking-loans_n_6018a246c5b653f644d689c9