Republican-led House Oversight Committee subpoenas banks and associates of Biden family in probe of finances

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The House Oversight Committee, led by Republican Chairman James Comer, has issued subpoenas to several major banks for financial records belonging to Biden family associates, as part of an ongoing investigation into their finances. The banks in question include Bank of America, Cathay Bank, JPMorgan Chase, and HSBC USA N.A., as well as former Hunter Biden business associate Mervyn Yan.

The subpoenas were issued for all financial records belonging to these individuals, and the investigation is focused on uncovering any potential wrongdoing or conflicts of interest that may have occurred. The Biden family has been the subject of scrutiny in recent years, with allegations of impropriety and corruption swirling around their business dealings and financial arrangements.

However, the Democrats on the Oversight Committee, led by Rep. Jamie Raskin, have complained that Chairman Comer is attempting to conceal information about the investigation from them. Raskin has accused Comer of conducting the investigation behind a “veil of secrecy”, and failing to notify Democrats and targets of subpoenas about their investigations.

Despite these accusations, Comer has denied any wrongdoing, and has stated that the bank records show negative information about the Biden family. He has also accused Raskin of attempting to thwart cooperation from other witnesses, and of using “cheap” tactics to obstruct the investigation.

The Oversight Committee Democratic staff has also sent a memo to members accusing Republicans of conducting their investigation behind a “veil of secrecy”. The memo alleges that Republicans have failed to yield any evidence of misconduct by President Biden, and that several of the subpoenas issued have been based on information that Committee Republicans know to be false.

The memo also accuses Chairman Comer of using secret subpoenas, resulting in some targets of subpoenas being unaware that the committee is seeking their records. The memo cites the example of John R. Walker, a private US citizen whose financial records were subpoenaed by the committee from Bank of America. According to the memo, Walker was never notified that his records had been subpoenaed, nor was he informed that the committee was publicly releasing information from these records.

Despite the accusations and counter-accusations, the banks in question have stated that they will cooperate with the Oversight Committee’s request for information. Cathay Bank, a NASDAQ-listed US financial institution, has confirmed that it intends to continue to cooperate with the committee. It remains to be seen what the investigation will uncover, and whether any wrongdoing or impropriety will be found.