Last week. House Oversight Committee Chairman James Comer (R-KY) made headlines by saying that while looking through Biden's financials, he found a direct payment of $200,000 made from James Biden to Joe Biden.
The Bidens have stated that this was a personal loan being paid back, as per the memo on the check.
Comer is not taking the Bidens at their word, however, demanding that they produce proof that James Biden received a loan and did not make a payoff to Biden from foreign money sources.
The problem with the claim by Joe Biden is that there is no like sum of money going into the account of James Biden.
Comer stated, "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 accounts 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.”
He continued, "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.”
IRS laws require that loans between family members also include interest. While Joe Biden did have interest on his tax returns, it was not itemized.
The interest rate at the time of the loan was about 3%, which would have been $6,000 per year for the loan.
Comer called other issues into question even if this was a loan, stating, "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 depend on his brother’s cashing-in on the Biden brand."
There is also the fact that the source of the funds, Americore, was a financially distressed company that James Biden was working for at the time, yet it was able to loan James Biden $600,000 in total.
Comer added, "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," he continued. "And then, on the very same day, James Biden wrote a $200,000 check from this same personal bank account to Joe Biden."
The White House, of course, has called this a wild goose chase and a partisan attack against Joe Biden.
Well, if that is the case, simply provide proof of the loan and this can all go away.
We will sit right here and wait for that paperwork to be produced.