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Because of the complex nature of the deals and exchanges that the Biden family and
others pursued by promising access to Joe Biden or a future Biden Administration, additional
financial records are necessary to provide clarity and context around specific transactions.
Committee Republicans have sought Suspicious Activity Reports (SARs) in the custody
of the U.S. Department of the Treasury (Treasury) that are related to Biden family financial
transactions and accounts. SARs are generated by American banks and submitted to the
Financial Crimes Enforcement Network (FinCEN) within Treasury when customers engage in a
range of activities outside the normal course of business, including large, suspicious transactions
that may indicate criminal activity.
7
Between Hunter Biden and James Biden, President Biden’s
brother, American banks have generated at least 150 SARs.
8
In an attempt to obtain those SARs, Committee Republicans requested information from
banks and financial institutions associated with the Biden family businesses. On May 25, 2022,
Oversight Committee Ranking Member James Comer wrote letters to several banks and financial
institutions requesting information about the transactions that occurred in those banks tied to
James and Hunter Biden.
9
However, many of the banks indicated the information would only be
provided pursuant to a subpoena, an authority Committee Republicans do not have during the
117
th
Congress as the minority party.
On May 25, 2022, Committee Republicans also wrote Treasury requesting “copies of all
SARs related to Biden family members and associates as well as information regarding the Biden
Administration’s decision to prevent Congress from receiving these reports.”
10
Committee
Republicans stated, “We are particularly concerned where those transactions may involve
business with firms or entities, including those with direct ties to foreign governments, hostile to
the United States’ interests.”
11
Committee Republicans requested all SARs generated in connection with various
members of the Biden family and known associates (i.e., Hunter Biden, James Biden, Sara
Biden, Rob Walker, Eric Schwerin, and Devon Archer) and any entity tied to the Biden family
7
Off. of the Comptroller of the Currency, Suspicious Activity Reports (SAR), available at
https://www.occ.treas.gov/topics/supervision-and-examination/bank-operations/financial-crime/suspicious-activity-
reports/index-suspicious-activity-reports.html (last accessed Nov. 7, 2022).
8
Catherine Herridge, Graham Kates, Michael Kaplan, Andrew Bast, GOP probe of Hunter Biden’s business
dealings turns to president’s brother James, CBS NEWS (Apr. 6, 2022).
9
Letters from Hon. James Comer, Ranking Member, H. Comm. on Oversight & Reform, to Bank of China, Bank of
New York Mellon, Brown Brothers Harriman & Co., Cathay Bank, Citi Bank, First National Bank of Omaha, JP
Morgan Chase, Morgan Stanley, PNC, TD Bank, USAA, Wells Fargo, and Bank of America (May 25, 2022),
available at https://republicans-oversight house.gov/release/comer-probes-hunter-bidens-suspicious-foreign-
business-transactions-flagged-by-u-s-banks/.
10
Letter from Hon. James Comer, Ranking Member, H. Comm. on Oversight & Reform, to Hon. Janet Yellen,
Sec’y, U.S. Dep’t of Treasury (May 25, 2022).
11
Id.