James Comer, the Chairman of the House Oversight Committee, has turned his attention toward an elusive $200,000 payment made by James Biden to President Joe Biden in 2018.
Recent evidence reveals that the sum was presented to the President as a ‘loan repayment’ through a direct personal check. The Committee has now voiced its request to the White House for official documentation which clears up the nature of this transaction.
Last week, the Chairman stated that initial investigations have uncovered the $200,000 payment sent by the Bidens, originating not from an organization but from the personal funding of the President’s brother, James, and his wife, Sara. This led to questions surrounding the legitimacy and conditions of the loan repayment claim that followed.
The White House has come forward, attesting to these events – affirming that during his tenure as a private citizen, President Biden granted a personal loan to his brother to aid during a financial crisis. A backed-by-record repayment, they suggest, came via this under-scrutiny $200,000 check.
But the narrative dismissed details that could substantiate the proclaimed loan – leading Comer to call for concrete evidence to support this claim.
Edward Siskel, White House Counsel, received a demand for clarification from Comer in a letter. The Chairman pointed out that the current evidence showed a series of large transactions into the personal bank accounts of James and Sara, generated from multiple sources – yet not a single record indicating a substantial loan originating directly from Joe Biden.
September saw Comer issuing subpoenas for the personal and business financial records of both James Biden and the President’s son, Hunter Biden. In his letter, Comer expressed grave concerns about the nature of these transactions, with some records lacking the essential transparency to determine the source of the funds.
In a formal application, Comer requested providing all the loan documents if indeed President Biden had fronted a loan repaid through the check. This includes the loan payment, agreement, any and all supporting documents.
He further called attention to the necessity of clarifying the loan under the provision of the Internal Revenue Code, which specifies different rules for reporting ‘below-market [rate] loans’ and gifts.
Echoing the sentiments of many, Comer stated that the absence of qualifying documents raises questions about the legitimacy of the transaction – it would be difficult to determine with certainty whether it was a legitimate loan repayment.
The request for further clarification also extends to whether all accompanying legalities and IRS filings were appropriately executed.
Mr. Comer commented on this situation pointing out that irrespective of whether this was a loan or not, it sheds light on how President Biden benefited from his familial ties. The financial incident, Comer suggests, evidences how the Biden family used their familial access and the influence of the Biden name for potential benefit while raising doubts about the ethicality surrounding the paper trail of these transactions.
Since the beginning of the year, the Chairman has been spearheading an investigation into the commercial activities of the Biden family, and whether the President may have been involved or gained materially from these operations.
The disputed $200,000 ‘loan repayment’ came into public knowledge last week when Comer revealed it in a video he posted on X, the site previously known, more commonly, as Twitter.
In the video, Comer laid out the timeline of the transaction in detail. According to him, the chain of events started with Americore, a then financially unstable rural hospital operator, loaning $600,000 to James Biden in 2018.
Comer drew upon bankruptcy court documents to claim that the loan was sanctioned on the basis of James Biden’s influential surname and potential political connections.
The Chairman further elaborated: On March 1, 2018, Americore wired a $200,000 loan into James and Sara Biden’s personal bank account. That same day, a check for the same amount was sent to President Biden, which was deemed as a ‘loan repayment.’
Essentially, James Biden received money from a financially struggling company and promptly directed the funds to President Biden.
Expanding further on his concerns, Comer queried whether President Biden was aware of the fact that the $200,000 check he received was sourced from his brother’s business dealings with a troubled company. He posited that this could either be a genuine financial support instance within the family or an example of potential improper financial dealings highlighting the need for more transparency.
As part of a broader impeachment inquiry against President Biden, led by Comer along with Jim Jordan and Jason Smith, the House Oversight Committee’s investigations have also focused on Biden family members and their associates who have allegedly received sizeable payments from various international sources.
Chairman Comer stated, these transactions, ranging between 2014 and 2019, accrued over $24 million, apparently leveraging the identity and influence of Joe Biden globally.