Friday, April 7, 2023

Bank of America, JP Morgan Subpoenaed Over Biden Family Finances (JPM; BAC)

From CNN, April 7:

House Oversight Committee quietly issues several new subpoenas as part of Biden family probe 

House Oversight Chairman James Comer has quietly issued several subpoenas for documents and bank records as part of the Republican-led investigation into the financial dealings of President Joe Biden’s family, according to an internal memo shared among Democrats on the panel.

The memo, obtained by CNN, reveals new details about the subpoenas issued by Comer as part of the ongoing probe, which has stoked the ire of Democratic members who have accused the Kentucky Republican of covertly investigating business dealings by the president’s son, Hunter Biden.

“This memorandum serves to ensure that Committee Democrats have access to all relevant information, including the six document subpoenas issued to date,” it says.

The memo comes a day after the committee’s top Democrat, Maryland Rep. Jamie Raskin, criticized committee Republicans for “shielding information” related to the panel’s investigations. House rules mandate that committee materials are shared between the majority and minority.

“Committee Republicans’ decision to conduct this probe behind a veil of secrecy runs counter to the Committee’s traditional commitment to transparency and raises serious questions about the integrity of the investigation,” Democrats wrote in the memo.

According to the Democrats’ memo, subpoenas have been sent to: Bank of America, Cathay Bank, JPMorgan Chase, HSBC USA N.A and Mervyn Yan, a former business associate of Hunter Biden. In most cases the subpoenas to the banks span 14 years and relate to six individuals and 10 different entities, House Democrats say. The business entities covered by the subpoenas include several with ties to China and the energy sector, according to those listed in the memo.....

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