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Ted Cruz: “Excess reserves are not being loaned to small businesses.”

Featuring: Ted Cruz, Republican | U.S. Senate, Texas

Senator Ted Cruz Discusses Democratic Party's Decline, Federal Reserve Policy, and Gambling Tax Reform

Published July 28, 2025 | Video Starts at 22:52

Yeah. And it, and it's just sitting at the Fed. You know what that means? It Means those billions of dollars or even those trillions of dollars Excess reserves are not being loaned to small businesses. They're not being loaned to open a new store, to buy new equipment, to hire new workers, to expand a. They're not creating jobs. It's just sitting there. (22:52–22:59)

CLAIM

Asserts that excess reserves are not being used for loans to small businesses.

This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.

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Ted Cruz

“63% of voters hold an unfavorable view of the Democratic Party, the highest share in Journal polls dating to 1990.”
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“There's actually no requirement at all [for banks to keep reserves with the Fed].”
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“For both 2023 and 2024, the Fed paid over $100 billion in interest on reserves.”
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“In 2024, last year, the last year, the Biden administration, The Fed paid $168 billion in interest on reserves.”
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“Roughly half of that, nearly 50% went to foreign banks.”
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“The Wall Street Journal just did a poll and found that the Democrats approval rating has plummeted. It is at the lowest level in 35 years.”
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“This is a proposal that could save over a trillion dollar dollars over 10 years.”
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“You literally have a communist who is the Democrat Party nominee to be mayor of New York.”
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“The Democrat Party's image has eroded to its lowest point in more than three decades, according to a new Wall Street Journal poll.”
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“The Democrats polling is 33% favorable, 63% unfavorable.”
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“President Trump is plus 7 and the Republican Party is plus 11.”
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“The Democrat Party as a whole has said, let's look at all those issues. Let's take the wrong side of 80, 20 or even 90, 10 issues, and let's…”
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“Right now the Democrats are outraising Republicans because their side is really energized.”
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“There is one camp within the Trump administration that wants to use tariffs as leverage to lower the tariffs of our trading partners.”
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“If we have really high tariffs that the US has put in place and if our trading partners have really high tariffs, retaliatory tariffs, that…”
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“I gave the President a total of $3 trillion of spending cuts that we could have included in the bill.”
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“If we do what I'm suggesting, we could save over $1 trillion over the next 10 years.”
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“Since 2008, they've been paying interest on reserves going forward.”
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“The Fed is transferring your tax dollars to the biggest banks in the world.”
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“The Fed is paying 4.4% to the banks to just park their capital with the Fed.”
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“Banks would be forced to buy Treasuries instead of just parking their money at the Fed.”
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“This change would create a market dynamic that would lower interest rates.”
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“The change [in gambling tax law] means anyone gambling can only deduct 90% of their losses.”
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“Under the new law, you lose 100 grand that year, you make 130, you could only deduct 90% of the hundred grand you lost.”
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“Under this law, you'd have to pay taxes on 10 grand because you could only deduct 90% of your losses.”
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“I don't know of a senator who knew this was in [the law].”
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“I've joined with the two Nevada senators, with Catherine Cortez Masto and Jackie Rosen. They're both Democrats, and also Bill Haggerty…”
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“If we don't change this, the effect will be to drive those poker pros out of the US.”
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