Records from the House Oversight Committee have entirely undermined the Biden White House’s justification of the $200,000 payment the President received from his brother James. In a letter to White House Counsel Edward Siskel on Thursday, Committee Chairman James Comer (R-KY) urged President Joe Biden to provide the loan documentation and any relevant IRS filings. He underlined that the President benefited from his family “cashing in on the Biden name” whether or not the check constituted a loan payback.
Comer wrote in a news statement issued by the House Oversight Committee, “If Joe Biden did personally loan James Biden an amount that was later repaid by the $200,000 check, please provide the loan documents, including the loan payment, loan agreement, and any other supporting loan documentation.”
Spokesman for the White House Ian Sams made an intriguing diversion to X, implying that the shocking disclosure of possible corruption served to divert attention away from the Speaker’s race among Americans. He asserted, “Jamie Comer is pretty desperate to try to distract from Republicans’ speaker mess. It’s a loan repayment from when President Biden loaned his brother money. When he was out of office in 2018, no less. It’s right there on the check!”
Comer continued, “As you may know, the Internal Revenue Code has specific requirements for delineating and reporting ‘below-market [rate] loans” from gifts. While there are some exceptions, for example loans of $10,000 or less, the payment in question would not appear exempt from such requirements if it is a loan. Indeed, there appears to have been no interest paid on the ‘loan’ based upon the White House’s own representations. The current lack of documentation leaves reason to doubt claims that this transaction was repayment for a legal loan.”
The Chairperson clarified, “The White House has claimed Joe Biden loaned James Biden $200,000, and this check was repayment.”
Records obtained by the Committee do show numerous large incoming transactions into the personal account of James and Sara Biden from various entities. Some of these transaction records may have obscured the identity of the true payer, but no records in the Committee’s possession state that Joe Biden made a large loan payment to his brother.”
As Trending Politics has previously reported on October 20, Comer stated in a news statement, “Even if this was a personal loan repayment, it’s still troubling that Joe Biden’s ability to be paid back by his brother depended on the success of his family’s shady financial dealings.”
But the evidence presented to the committee contradicts a simple “loan,” as stated in the release. “In 2018, James Biden received $600,000 in loans from, Americore—a financially distressed and failing rural hospital operator, according to bankruptcy court documents,
These loans went to James Biden. “Based upon representations that his last name, ‘Biden,’ could ‘open doors’ and that he could obtain a large investment from the Middle East based on his political connections.”
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On March 1, 2018, Americore wired a $200,000 loan into James and Sara Biden’s personal bank account – not their business bank account. On the same day, James Biden wrote a $200,000 check from this same personal bank account to Joe Biden.”
But as Sams claimed, “It’s a loan repayment… It’s right there on the check.”
