House Committee on Oversight and Reform Ranking Member James Comer, a Kentucky Republican, accused the Treasury Department on Saturday of covering up for the Biden family after the department refused to provide access to "suspicious activity reports" on Hunter Biden.
"It's unacceptable that the Treasury Department continues to run cover for the Biden family and possibly hide information about whether Joe Biden benefited financially from his family's business transactions," Comer wrote in the statement published by the committee. "The Biden administration changed the rules to severely restrict Congress' access to suspicious activity reports in the dark of night and with no explanation."
Suspicious activity reports are typically filed by banks when clients make cash transactions of great amounts or transfer above $5,000 that might flag money-related offenses, but many such transactions are lawful, according to Reuters.
The GOP has been heavily targeting Hunter Biden since before the 2020 election at a time when his father Joe Biden was campaigning against then-President Donald Trump. Biden's son is currently being investigated for allegations related to potential money laundering and for possible violations of campaign finance, and tax and foreign lobbying laws. The federal investigation is focused on his business transactions in foreign countries at a time when his father served as vice president under then- President Barack Obama.
"Hunter Biden and other Biden family members have racked up at least 150 suspicious activity reports for their shady foreign business deals. We need more information about these transactions and if Joe Biden has benefited financially from his family's dealings with foreign adversaries," Comer said in the statement. "It is a matter of national security to know if President Biden is compromised. The American people deserve answers, and Republicans will use the power of the gavel next Congress to get them."
Comer's statement comes after the Treasury Department refused on Friday a request filed under the Bank Secretary Act (BSA) to look into Hunter Biden's financial data. The BSA is meant to investigate terrorist financing, money laundering, and other illicit financial activity.
The Treasury Department said that it will consider official requests from relevant congressional committees, which means that Democrats need to join the request. However, since the Democratic Party currently controls Congress and its committees, Republicans are facing a difficulty with this request, according to Reuters.
"The Department responds to requests for BSA information from congressional committees of appropriate jurisdiction in a manner consistent with the statute and its implementing regulations, which mandate protection of highly sensitive reports from the risk of unauthorized use and disclosure," the department said in the Friday letter to Comer.
The Treasury Department also said that such financial reports are usually kept confidential and can be made available when written requests are filed by Congress, but the final decision will go to Treasury Secretary Janet Yellen.
"Under the current regulation, the Secretary may make BSA information available to 'Congress, or any committee or subcommittee thereof, upon a written request stating the particular information desired, the criminal, tax or regulatory purpose for which the information is sought, and the official need for the information.' These decisions are entrusted to the Secretary's discretion," the treasury said.
Comer requested the information on the Biden family and their associates from Yellen in May and again in July. The Republican representative said that treasury officials at the time made the same argument that they announced on Friday, citing the necessity of Democrats being on board with filing the request to release suspicious activity reports, according to Reuters.
Newsweek reached out to Hunter Biden's lawyer Christopher Clark for comment.
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Fatma Khaled is a Newsweek weekend reporter based in New York City. Her focus is reporting on U.S. politics, world ... Read more
