Staff Reports
Bank records and documents obtained by the Republican-led House Oversight Committee suggest that $40,000 received by President Joe Biden in 2017 may have originated from a Chinese company and passed through various Biden-family entities. While the evidence does not definitively prove that the funds were meant for President Biden, there are several circumstantial pieces of evidence that raise eyebrows. One such piece is a text message from Hunter Biden to his Chinese associates, in which he references his father’s name shortly before the money was wired to his account.
Chinese Funds Moved Through Biden Family Accounts to Joe Biden, Bank Records and Documents Suggest https://t.co/TQvzW8mJhw via @epochtimes
— Tom Roten™ (@TomRoten) November 2, 2023
President Biden’s vehement denial of benefiting from his family’s business ventures hasn’t stopped Republican Chair of the Oversight Committee, Rep. James Comer (R-Ky.), from accusing him of receiving foreign funds. Mr. Comer even concedes that the $40,000 check may have been a loan repayment, but argues that it still showcases how President Biden benefits from his family cashing in on his name, and even more alarmingly, with money from China.
Rep. Jamie Raskin (D-Md.), the ranking member on the Oversight Committee, has released a statement claiming that the Republicans have found no evidence of wrongdoing by President Biden. He criticizes the breadth and scope of the subpoenas used to obtain the financial records, calling them “comically abusive” and an invasion of privacy.
The bank records obtained by the committee reveal a trail of funds moving through various Biden-family accounts, with the accounts being either near-empty or funded by other deposits from Chinese entities. The initial $5 million wire from a firm affiliated with CEFC China Energy was deposited into Hunter Biden’s joint venture account, which was empty at the time. Hunter Biden then transferred $400,000 to his professional corporation, Owasco, P.C., which had previously received $100,000 from CEFC Infrastructure Investment. Later, $150,000 was wired to Joe Biden’s brother, James Biden, who deposited it into his account before making various purchases and eventually withdrawing $50,000 and depositing it into his and his wife’s personal account.
These financial transactions are linked to the failed venture involving Hunter Biden, Tony Bobulinski, and others, which at one point included a 10 percent stake intended for “the big guy.” While President Biden maintains his innocence and claims no knowledge of his family’s business affairs, the evidence collected by the Oversight Committee paints a picture of financial transactions that closely align with the initial $5 million payment.
Rep. Comer suggests that the money may have been a loan repayment, as the president’s brother and sister-in-law would not have had the funds to write the $40,000 check without the initial wire from the Chinese firm. This story continues to unfold amidst an impeachment inquiry against President Biden, and the polling data reflects a divided opinion on the matter, with a majority of Americans believing that the president has acted either illegally or unethically.
