James Biden’s Testimony on Receiving Interest-Free Loans from His Brother, Joe Biden
During a publicly shared interview transcript dated Friday, James Biden walked legislators through the process of obtaining two interest-free loans from his brother Joe Biden, who was a private citizen at the time. This testimony has been a subject of intense scrutiny in the ongoing impeachment inquiry led by Republicans.
Background and Allegations
James Biden testified that during the years 2017 and 2018, he encountered significant outstanding bills and received financial assistance in the form of two loans – one for $40,000 and another for $200,000.
Republicans spearheading the impeachment investigation have raised questions about these transactions, suggesting that they form part of unsubstantiated allegations concerning President Biden’s involvement in his family’s business dealings.
The Loans and Their Repayment
According to the testimony, James Biden initially sought assistance from his brother’s long-time confidant and attorney, Melvyn Monzack. He requested to know if Joe Biden could extend a loan. Following this request, James Biden expressed gratitude towards his brother and made the transaction official by contacting him directly.
James Biden shared that he typically avoided approaching his brother for financial aid and joked about the fact that Joe Biden had previously been considered the poorest man in Congress when serving as a senator. However, he noted that after the publication of Joe Biden’s book “Promise Me, Dad,” his brother seemingly had more disposable income.
With Monzack’s approval, on July 28, 2017, Joe Biden transferred $40,000 to his brother’s account through their attorney. James Biden repaid this loan on September 3 of the same year. On January 12, 2018, Joe Biden loaned his brother $200,000 via Monzack. James Biden reportedly repaid this larger loan on March 1 of that year. The wire transfers from Joe Biden and the subsequent loan repayments went through Monzack’s attorney trust account.
The Absence of Formal Documentation
Despite these transactions, James Biden admitted that there were no formal documents memorializing the wire transfers.
Regarding the repayment of the $200,000 loan, James Biden shared that he used funds earned through his work with Americore to reimburse his brother. He did not disclose this information to either Joe Biden or Monzack at the time of repayment.
James Biden’s Continued Assertion: No Involvement from President Biden
Throughout the interview, James Biden insisted that there was no involvement from President Biden in his business dealings.
