Comer Calls on President Biden to Produce Proof of Loan to His Brother
WASHINGTON—House Committee on Oversight and Accountability Chairman James Comer (R-Ky.) today is calling on President Biden to provide information about the $200,000 check he received from his brother, James Biden, which was labeled as a “loan repayment.” In a letter to White House Counsel Edward Siskel, Chairman Comer calls for loan documents and documentation that all applicable IRS filings were properly made. Chairman Comer also emphasizes that whether or not the $200,000 check to Joe Biden was a loan repayment, Joe Biden benefited from his family cashing in on the Biden name.
“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. 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. We request documentation clarifying the nature of this payment and whether all applicable documentation and IRS filings were properly made,” wrote Chairman Comer.
According to bank records obtained by the House Committee on Oversight and Accountability, Joe Biden received a $200,000 check from James Biden dated March 1, 2018. James Biden issued the check from his personal bank account on the same day he received $200,000 from Americore—a company going through bankruptcy proceedings to which James Biden made “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.” The White House has claimed Joe Biden loaned James Biden $200,000 and the check was a repayment. Records obtained by the Oversight Committee show numerous large incoming transactions into the personal account of James and Sara Biden from various entities, but no records state that Joe Biden made a large loan payment to his brother.
“Whether it was a loan or not, James Biden’s March 1, 2018, check to Joe Biden aptly demonstrates one way he personally benefited from his family’s shady influence peddling of his name and their access to him. Even if the transaction in question was part of a loan agreement, we are troubled that Joe Biden’s ability to recoup funds depended on his brother’s cashing-in on the Biden brand,” concluded Chairman Comer.
The letter to White House Counsel Edward Siskel here.