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Tipsheet

Treasury to Testify Before House Oversight Committee on Why It Is Withholding 150 SARs

AP Photo/Susan Walsh

On Friday, the Treasury Department will testify before the House Oversight Committee regarding the agency’s refusal to provide suspicious activity reports (SARs), used by banks to flag what they deem as large transactions generated by the Biden family. 

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The Treasury’s Jonathan Davidson, assistant secretary for legislative affairs, will go before the GOP-led committee, explaining why it has withheld 150 SARs that often contain evidence of criminal activities.

“We are concerned the Treasury Department is acting in bad faith to produce these documents to the Oversight Committee when we know that it has already produced them to another congressional office,” House Oversight Committee Chair James Comer (R-KY) wrote. “At next week’s hearing, a Treasury Department official can explain to Congress and the American people why the department is hiding critical information.”

Comer is investigating Hunter Biden for violations, including wire fraud and money laundering, and whether foreign governments have compromised President Joe Biden through his family’s business.

The treasury has dodged Comer’s request for the SARs several times, as they will show vital information regarding the Biden family’s business transactions. 

Last month, Davidson wrote a letter to Comer asking for more details about why the committee needs to see such “highly sensitive” information.

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He then denied Comer’s request for 150 SARs flagged by U.S. banks, citing “improper disclosure” of relevant information that could reduce the Biden administration’s ability to “conduct of law enforcement, intelligence, and national security activities.”

The Biden family’s top financial lieutenant Schwerin dubbed the Biden family’s “moneyman,” shared bank accounts with Biden and is expected to hand over requested documents “soon.” He was also the president of Rosemont Seneca Partners, a fund created by Hunter Biden that conducted business deals in Russia, Ukraine, China, and Romania.

Amid their broken relationship, Hunter Biden allegedly planned to betray Schwerin in 2019, hence his recent cooperation with the committee. 

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