WATCH: Kevin McCarthy Formally Announces Impeachment Inquiry Into President Joe Biden

On Tuesday, Speaker of the House Kevin McCarthy (R-CA) formally announced the opening of an impeachment inquiry into President Joe Biden.

"House Republicans have uncovered serious and credible allegations into President Biden's conduct," McCarthy said. "Taken together, these allegations paint a picture of a culture of corruption."

"Now here's what we know so far. Through our investigations we have found that President Biden did lie to the American people about his own knowledge of his family's foreign business dealings," the speaker said. "Eyewitnesses have testified that the president joined on multiple phone calls and had multiple interactions, dinners that resulted in cars and millions of dollars into his son and his son's business partners."

"We know that bank records show that nearly $20 million in payments were directed to the Biden family members and associates through various shell companies," the representative said. "The Treasury Department alone has over 150 transactions involving the Biden family and other business associates that were flagged as suspicious activity by U.S. banks."

"Even a trusted FBI informant has alleged a bribe to the Biden family," he added. "Biden used his official office to coordinate with Hunter Biden's business partners about Hunter's role in Burisma, a Ukrainian energy company."

"Finally, despite these serious accusations, it appears that the president's family has been offered special treatment by Biden's own administration. Treatment that they not otherwise would have received if they were not related to the president," he explained. "These are accusations of abuse of power, obstruction, and corruption and they warrant further investigation by the House of Representatives."

"That's why today, I am directing our House committee to open a formal impeachment inquiry into President Joe Biden," McCarthy said. "This logical next step will give our committees the full power to gather all of the facts and answers for the American public. That's exactly what we want to know, the answers. I believe the president would want to answer these questions and allegations as well."

Speaker McCarthy then went on to explain that Chairmans James Comer (R-KY), Jim Jordan (R-OH), and Jason Smith (R-MO) will be leading the impeachment inquiry.

This is a developing story and will be updated accordingly.

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