The House Oversight Committee, led by Republicans, issued a subpoena to a bank for Hunter Biden’s records, revealing two 2019 wire transfers from Chinese nationals to Hunter Biden that listed President Joe Biden’s Wilmington, Delaware, home as the beneficiary address. These transfers are the first instances of direct payments to Hunter Biden without the use of a shell company. However, it’s important to note that the wires were addressed to Hunter when his father was not in office and do not imply that Joe Biden received any of the money.

Hunter Biden’s attorney explained that in 2017, Hunter made a significant investment in Bohai Harvest Rosemont Partners, where one of the wire senders, Li, is the CEO. In 2019, Hunter borrowed the funds using his equity as collateral, and the wires were directed to the Wilmington address because it was his only permanent residence at the time.

The White House dismissed these claims as baseless and politically motivated. House Republicans have not presented any concrete evidence of Joe Biden benefiting financially from his son’s business dealings.

Overall, this development centers on wire transfers involving Hunter Biden and his father’s address but does not establish wrongdoing on President Biden’s part.