A memo released by the House Oversight Committee on Wednesday alleges that President Biden was the recipient of $40,000 from Chinese energy conglomerate CEFC China Energy, funds that were reportedly "laundered" and transferred by James Biden, the president's brother, and his wife Sara.
The transaction from 2017 is tied to the same business dealings wherein Joe Biden was reportedly referred to as the "big guy" and was supposedly allotted a 10% share. This transaction marks what could be the first documented case of President Biden receiving a direct financial benefit from his family's overseas business activities.
The committee, which is under Republican control, claims that the transfer was part of a "complicated financial transaction" occurring shortly after Hunter Biden, the president's son, warned of his father’s potential reaction in a communication to a CEFC staffer dated July 30, 2017.
The funds were deposited into Joe Biden's personal bank account on September 3, 2017, documented as a "loan repayment" by a check from James Biden, who, alongside Hunter, was engaged in the business venture with CEFC.
James Comer (R-Ky.), Chairman of the Oversight Committee and a key figure in the impeachment investigation into Joe Biden's involvement in his family's foreign business operations, commented, “Remember when Joe Biden told the American people that his son didn’t make money in China? Well, not only did he lie about his son Hunter making money in China, but it also turns out that $40,000 in laundered China money landed in Joe Biden’s bank account in the form of a personal check.”
Comer suggested that even if the funds were merely repaying a loan from James Biden, it still demonstrated how President Biden profited from his family's enterprises, particularly those involving financial ties to China.
The bank records disclosed by Comer in the current year indicate that CEFC, which is now defunct but was once considered a part of China's global "Belt and Road" initiative, had made payments totaling at least $6.1 million to Hunter and James Biden between 2017 and 2018.
This sum included roughly $1 million paid in March 2017, following Biden’s vice-presidential term, and additional payments that were processed within ten days of Hunter Biden's aforementioned message that alluded to his father.
In response to the allegations, White House spokesman Ian Sams wrote on X: “Comer’s lies and conspiracy theories are getting more desperate by the day.”
“This has been widely debunked for more than a week now,” Sams added, pushing a link to The Messenger that claims the publication reviewed bank records proving that the $40,000 sum was part of a short-term loan from Joe to his brother James.