Fact-Check: Claim About Biden's Autopen and $73 Billion Loans
What We Know
The claim suggests that during the transition period between President Joe Biden leaving office and Donald Trump taking office, there was a significant discrepancy involving the distribution of over $73 billion in loans to small and medium businesses, with no record of who received the funds. It also alleges that Biden's staff used an autopen to sign documents related to these loans, which he supposedly cannot recall.
-
Autopen Usage: Congressman Addison McDowell introduced the Ban on Inkless Directives and Executive Notarizations Act of 2025 (BIDEN Act), which aims to prohibit the use of autopens for signing official documents such as bills and executive orders. This act was introduced in response to concerns about Biden's use of an autopen, particularly regarding pardons issued at the end of his term.
-
Loan Programs: The U.S. Small Business Administration (SBA) administers various loan programs to support small businesses. According to a 2020 Congressional Research Service report, these programs include direct disaster loans and loan guaranty programs, which have been crucial during the COVID-19 pandemic.
-
Biden Administration's Small Business Support: The Biden administration has actively promoted its support for small businesses, with reports indicating that it has provided substantial funding through various programs. For instance, a 2024 report highlights that the Biden-Harris administration facilitated over $27.5 billion in small loans under the SBA's 7(a) Loan Program.
-
Impeachment Inquiry: The claim also references a supposed impeachment inquiry related to Biden's actions. However, the impeachment inquiry report primarily discusses foreign policy decisions and does not substantiate claims regarding the $73 billion in loans or missing records.
Analysis
The claim about Biden's administration distributing $73 billion in loans without accountability appears to be misleading.
-
Lack of Evidence: There is no credible evidence to support the assertion that $73 billion was distributed in loans during the transition period without a record of recipients. The SBA's loan programs are well-documented, and any significant financial transactions would typically be recorded and monitored.
-
Autopen Usage Context: While it is true that Biden's administration has used an autopen for signing documents, the context of its use is crucial. The introduction of the BIDEN Act indicates ongoing discussions about the appropriateness of autopen usage, but it does not imply that all actions taken with the autopen are illegitimate or unaccounted for. The claims made about Biden's inability to recall specific actions related to the autopen do not directly correlate with the alleged financial discrepancies.
-
Source Reliability: The sources cited in the claim, particularly the congressional press releases and reports, often reflect partisan perspectives. The BIDEN Act's introduction is a political maneuver that may not fully represent the operational realities of the Biden administration's financial dealings.
Conclusion
The claim that President Biden's administration distributed over $73 billion in loans to small and medium businesses without accountability, and that he cannot recall these actions due to the use of an autopen, is False. There is no substantial evidence supporting the existence of such a financial discrepancy, and the context of autopen usage does not imply misconduct regarding the loans.
Sources
- McDowell Introduces BIDEN Act to End the Abuse of the Presidential Autopen
- COVID-19 Relief Assistance to Small Businesses: Issues and Options
- BUILDING ON THE BIDEN-HARRIS SMALL BUSINESS REPORT 2024
- Report of the Impeachment Inquiry of Joseph R. Biden Jr.
- Senator Eric Schmitt Discusses Joe Biden's Autopen Presidency
- Lead Investigator into Biden's Use of an Autopen Signed