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2  FEDERAL ELECTION COMM’N v. TED CRUZ FOR SENATE 

Opinion of the Court 

distinct from the candidate himself—may borrow an unlim-
ited amount from third-party lenders or from the candidate
himself. 
See  11  CFR  §110.10  (2017);  52  U. S. C. 
§30101(9)(A)(i); see also Buckley, 424 U. S., at 52–54.  And 
campaigns  may,  of  course,  accept  contributions  directly
from  other  organizations  or  from  individuals,  subject  to
monetary limitations.  Individual contributions are capped
at $2,900 for the primary and $2,900 for the general elec-
tion.  See §§30116(a), (c); 86 Fed. Reg. 7869 (2021).  Cam-
paigns may continue to receive contributions after election 
day, so long as those contributions go toward repaying cam-
paign debts.  See 11 CFR §110.1(b)(3)(i).

Section  304  of  the  Bipartisan  Campaign  Reform  Act  of
2002 (BCRA), 116 Stat. 98, 52 U. S. C. §30116(j), further re-
stricts the use of post-election funds.  Under that provision, 
a candidate who loans money to his campaign may not be
repaid more than $250,000 of such loans from contributions
made to the campaign after the date of the election.  Ibid. 
To implement that limit, the Federal Election Commission 
(FEC) has promulgated regulations establishing three rules 
pertinent here: First, a campaign may repay up to $250,000 
in candidate loans using contributions made “at any time
before,  on,  or  after  the  date  of  the  election.”  11  CFR 
§116.12(a).
  Second,  to  the  extent  the  loans  exceed 
$250,000, a campaign may use pre-election funds to repay 
the portion exceeding $250,000 only if the repayment occurs 
“within 20 days of the election.”  §116.11(c)(1).  And third, 
if  more  than  $250,000  remains  unpaid  when  the  20-day 
post-election deadline expires, the campaign must treat the 
portion above $250,000 as a contribution to the campaign,
precluding later repayment.  §116.11(c)(2). 

B 
Appellee Ted Cruz represents Texas in the United States 
Senate.  This case arises from his 2018 reelection campaign,
which was, at the time, the most expensive Senate race in