Did President Biden Receive Chinese Funds? Bank Records Suggest So
According to a memo compiled by the Republican-led House Oversight Committee, bank records and other documents indicate that a $40,000 payment President Joe Biden received from his brother in 2017 may have originated from a Chinese firm and passed through various Biden-family entities.
The evidence in the memo does not definitively prove that the money was intended for President Biden, who was a private citizen at the time. However, there are several pieces of circumstantial evidence, including a text message from Hunter Biden to his Chinese associates mentioning his father’s name just days before the money was transferred to a Hunter Biden account. This has led Rep. James Comer (R-Ky.), the Republican chair of the Oversight Committee, to accuse President Biden of receiving foreign funds.
The White House has not responded to requests for comment, and President Biden has vehemently denied benefiting from his family’s business dealings.
Rep. Comer acknowledges that it is possible the $40,000 check was a loan repayment from James Biden. However, he argues that even if it was a repayment, it still demonstrates how President Biden benefited from his family capitalizing on his name, especially with money from China.
Rep. Jamie Raskin (D-Md.), the ranking member on the Oversight Committee, has stated that the Republicans have found no evidence of wrongdoing by President Biden.
According to the committee’s findings, the $40,000 payment is linked to a failed business venture involving Hunter Biden, Tony Bobulinski, and others. The committee obtained FBI interview summaries with Hunter Biden’s associates, revealing how Hunter Biden formed a joint entity with a Chinese associate to receive money in exchange for leveraging the Biden family name.
Following the Money
Supporting the claim that the $40,000 came from the Chinese firm, the bank records show that the Biden family accounts involved in the transaction had minimal funds or deposits from Chinese entities. The initial $5 million wire from Northern International Capital, an affiliate of CEFC China Energy, was deposited into Hunter Biden’s joint venture account, which was empty at the time. Subsequently, Hunter Biden transferred $400,000 to his professional corporation, Owasco, P.C., which had received $100,000 from CEFC Infrastructure Investment just days earlier. The committee had previously traced this $100,000 payment to Shanghai Huaxin Group in China.
Later, Hunter Biden wired $150,000 to Lion Hall Group, an account belonging to Joe Biden’s brother, James Biden. The James and Sara Biden personal account, which initially held only $1,964, received the funds and saw subsequent transactions before Sara Biden wrote a $40,000 check to Joe Biden.
A partly redacted copy of a check signed by Sara Biden meant for Joe Biden on Sept. 3, 2017. (House Committee on Oversight and Accountability)
While it is plausible that the $40,000 was a loan repayment, Rep. Comer argues that it still demonstrates how Joe Biden benefited from his family’s financial activities, particularly with money tied to China.
Hunter Biden walks to a waiting SUV after arriving with President Joe Biden on Marine One at Fort McNair in Washington on July 4, 2023. (Saul Loeb/AFP/Getty Images)
In an interview with the FBI, former Biden family business associate Tony Bobulinski expressed concerns about Joe Biden’s involvement in dealings with CEFC while he was vice president. When Mr. Bobulinski raised these concerns with James Biden, he responded with “plausible deniability.”
President Biden, who is currently facing an impeachment inquiry, maintains that he had no knowledge or involvement in his family members’ business affairs.
Rep. Comer argues that by accepting funds from a company linked to the Chinese Communist Party, Joe Biden exposed himself to potential blackmail and prioritized personal financial gain over America’s interests.
After the committee’s announcement regarding the $200,000 payment, the White House dismissed the findings as a distraction. Recent polling shows that a majority of Americans believe President Biden has acted illegally or unethically in relation to his family’s foreign business affairs.
Joseph Lord, Tom Ozimek, and Ivan Pentchoukov contributed to this report.
How can the authenticity of the documents and the veracity of the claims made by the Republican-led committee be independently verified?
Republicans Tout $200,000 ’Direct Payment’ to Joe Biden as a Potential Conflict of Interest
10/21/2023
Former White House Staffer Reveals Details of Foreign Payments During Biden Administration
10/20/2023
While the authenticity of the documents and the veracity of the claims made by the Republican-led committee have yet to be independently verified, this revelation adds fuel to the ongoing debate surrounding the financial entanglements of the Biden family. Critics argue that these alleged connections raise questions about potential conflicts of interest and the integrity of President Biden’s decision-making.
It is not uncommon for political figures, especially those with extensive careers in public service, to have family members involved in business ventures. However, when such connections involve foreign entities, particularly those with complex geopolitical interests, scrutiny is warranted.
Since his inauguration, President Biden has faced multiple allegations of impropriety involving his family’s business dealings, particularly with regards to China. These accusations have been fueled by reports of lucrative deals made by Hunter Biden, the president’s son, with foreign companies and governments while his father served as Vice President under Barack Obama.
The latest revelation regarding the potential Chinese origin of a payment made to President Biden highlights the need for transparency and accountability. While the evidence presented in the memo may not be conclusive, it raises legitimate concerns that merit investigation.
Foreign influence on American politics is a matter of national security. Whether it involves financial contributions, lobbying, or other forms of influence, it is crucial to ensure the integrity of the nation’s leaders and protect the interests of the American people.
The bipartisan House Oversight Committee should conduct a thorough investigation into the allegations raised in the memo. This investigation should include subpoenaing relevant documents and calling witnesses to testify under oath. Only through a comprehensive and transparent investigation can the truth concerning President Biden’s financial dealings be uncovered.
If President Biden is found to have received funds from a Chinese firm or engaged in any other improper financial transactions, it would have serious implications for his presidency and the trust placed in him by the American people. It is essential to address these concerns promptly and thoroughly to maintain the integrity of the office.
In the interest of preserving public trust and upholding the principles of transparency and accountability,
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