As the impeachment inquiry into President Biden thickens, House Republicans have turned their scrutiny toward personal loans that Biden provided to his brother, James Biden, in 2017 and 2018.
The central concern revolves around whether the repayments from James to President Biden were adequately documented and taxed.
The inquiry, led by House Ways and Means Chairman Jason Smith, is intensifying its examination of these financial transactions. The Republicans are probing into two loans made by Joe Biden to his brother James during a period when Biden was not in office.
The Chairman pointed out checks totaling $240,000 from James Biden to the President, indicating these as "loan repayments."
Republicans have thrown their weight behind this investigation, suggesting that these repayments could be connected with laundered Chinese funds or influence peddling.
Democrats, on the other hand, insist that bank records demonstrate President Biden extending two short-term loans to James during a period when he was not holding any public office, which James paid back.
An essential part of the narrative is the White House's refusal to provide further documentation related to a $200,000 payment between the two Bidens, both private citizens at the time.
This has led to Republicans expressing their suspicion over President Biden's denials about his family's business dealings in China.
A 2017 WhatsApp message showing Hunter Biden invoking his father's name while pressing a Chinese partner for payment has added fuel to these suspicions.
As part of their investigation, House Republicans under Smith's leadership have issued subpoenas to key figures in this case. Hunter Biden, James Biden, and several others have been called to testify on these matters. The testimonies sought in the coming weeks are expected to shed more light on the nature of these financial transactions and any potential misconduct.
Chairman Smith emphasized the necessity of these testimonies, expressing hope that the involved parties will cooperate fully. Smith discussed the focus of the investigation, stating:
"We have now seen checks going to President Biden of $240,000 as loan repayments to [James Biden]. But if you look at the president’s tax returns that he has released publicly, there’s no documentation of any interest income that he has received for any loans that he had granted towards anyone."
In 2017, Joe Biden provided a short-term loan of an unspecified amount to his brother James. This was followed by a $40,000 "loan repayment" check from James Biden's wife, Sarah, to Joe Biden.
In 2018, Biden issued a second short-term loan to James, after which a significant $200,000 "loan repayment" check was made from James to Joe Biden.
These transactions are central to the current investigation, raising questions about their legality and compliance with tax laws.