This decision was made after the White House conducted a review for a potential conflict of interest.
The brother of US President Joe Biden, James, has abandoned a clean energy project in the UK after a White House probe into a potential conflict of interest. This was reported on Thursday by the Financial Times newspaper.
James Biden and his wife Sarah, along with Reed Smith partner Peter Teare, founded, according to the publication, the British limited liability company 2BT. It, in turn, created Shelbourne Partners, which aimed to “explore promising investment opportunities, especially in the clean energy sector.” Weeks after launching Shelbourne Partners and reviewing James Biden’s plans at the White House, Teare said the group had abandoned the projects.
The White House Office of Legal Counsel’s review of the planned business in the United Kingdom is an integral part of the ethics rules introduced by the new US administration and designed to “draw a line between President Biden’s approach to the financial interests of his family and the approach of his predecessor, Donald Trump,” the newspaper emphasizes.
The new rules require that members of the president’s family first discuss potential business relationships or transactions with their lawyers, and then, if necessary, report it to the White House legal counsel. After the lawyer makes recommendations, the family representatives make a final decision. The rules are designed to ensure that representatives of the president’s family do not have a conflict of interest with the US government.
“The President has adopted ethical rules and set standards for the administration that exceed the rules and standards of any other administration in the history of [the country], and include standards for his relatives,” the British newspaper quotes one of the White House officials as saying.
James Biden could not be reached for comment by the Financial Times. The White House declined to comment on the exact timing of the review of James Biden’s planned business in the UK or his conclusions on this matter.