The Biden White House’s defense of that $200,000 payment the President received from his brother James has been completely devastated by records uncovered by the House Oversight Committee. On Thursday, Committee Chairman James Comer (R-KY) issued a letter to White House Counsel Edward Siskel calling on President Joe Biden to furnish the loan documents and applicable IRS filings for the loan. He emphasized that regardless of whether the check was a loan repayment or not, the President still benefitted from his family “cashing in on the Biden name.”
According to a press release from the House Oversight Committee Comer wrote, “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.”
🚨 BREAKING 🚨@RepJamesComer calls on President Biden to prove that the $200,000 he received from his brother was a loan and that all applicable IRS filings were properly made.
Whether or not the $200,000 check to Joe Biden was a loan repayment, he benefited from his family… pic.twitter.com/xHSep0O0su
— Oversight Committee (@GOPoversight) October 26, 2023
White House spokesman Ian Sams posted to X an interesting deflection suggesting that the remarkable reveal of apparent corruption was in the service of distracting Americans from the Speaker’s race. He claimed, “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!”
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!
Matt Gaetz was right:
More “Failure Theater!” pic.twitter.com/Do0DopiX8r
— Ian Sams (@IanSams46) October 20, 2023
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 Chairman explained, “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 previously reported by Trending Politics on Oct. 20th, Comer wrote in a press release, “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.”
However, a mere “loan” is not what was borne out by the evidence presented to the committee as the release stated,“In 2018, James Biden received $600,000 in loans from, Americore—a financially distressed and failing rural hospital operator, according to bankruptcy court documents,
James Biden received these loans “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.”
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.”