WASHINGTON (NewsNation) — The House Oversight Committee claimed it uncovered evidence indicative of the Biden family’s “influence peddling and financial deception” on Wednesday, warranting further investigation and legislative solutions.

“I want to be clear, this committee is investigating President Biden and his family’s shady business deals that capitalize on Joe Biden’s public office and risks our country’s national security,” Rep. James Comer (R-Ky.), the committee chairman, said.

The records revealed that the Biden family, their associates and their companies allegedly received over $10 million from foreign companies — including from China and Romania — the memo said. The Biden family allegedly used their business associates to receive these funds.US Rep. George Santos arrested on federal criminal charges 

The committee accused President Joe Biden of lacking transparency regarding his family’s business dealings, claiming that bank records revealed the Biden family received millions of dollars from foreign sources.

However, the committee has not uncovered any evidence that directly linked the president to any foreign business dealings.

The memo justified the committee’s investigation, saying that because Biden isn’t required to file financial disclosures for immediate family members, the president has been able to make misleading statements about the source of his family’s income. He has also been able to “act willfully blind” about his family’s finances “notwithstanding potential conflicts of interest” and can use federal government resources and personnel to conceal the influence peddling.

The committee subpoenaed four different banks and reviewed thousands of records, in which the committee claims the Biden family created a web of over 20 companies — most formed during Biden’s vice presidency.

The memo claimed that the wires and money transfers range from approximately $5,000 to at least $3 million.Biden: Debt limit negotiations to continue; default not an option 

NewsNation received a memo from the White House early Wednesday morning, calling the claims against Biden baseless and absurd.

“House Oversight Committee Chairman James Comer is loudly and proudly broadcasting a press conference today to continue his long pattern of making absurd claims that President Biden has made governing decisions not in the interest of America, but of the Chinese Communist Party, using baseless claims, personal attacks, and innuendo to try to score political points,” White House spokesperson Ian Sams said.

The committee said it hopes to pass legislation that would bring transparency to the American people about influence peddling and financial deception.

“Indeed, the committee is charged with the responsibility of rooting out waste, fraud, and abuse,” the memo said.

The committee said it will continue to trace bank records received through subpoenas and continue to investigate the Biden family’s web as it grows.

The press conference was held on the day of the FBI’s subpoena deadline to hand over documents to the committee supposedly describing the alleged pay-to-play criminal scheme. The Republicans are hoping that the document could provide evidence that Joe Biden may have taken a bribe.