US Speaker of the House Kevin McCarthy. AFP
US Speaker of the House Kevin McCarthy. AFP
US Speaker of the House Kevin McCarthy. AFP
US Speaker of the House Kevin McCarthy. AFP

Biden impeachment inquiry: What is Kevin McCarthy's goal?


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US House Speaker Kevin McCarthy has announced that he is starting an impeachment inquiry into President Joe Biden, although he did not give any concrete evidence to justify the historic action.

So, why is Mr McCarthy going forward with this? The National takes a look at the reasons:

What’s this all about?

Republicans accuse Hunter Biden, the President’s son, of cashing in on his family’s name, and say Joe Biden directly engaged with his son’s international clients when he was vice president.

The White House says there is no evidence Mr Biden took any action to influence Hunter’s business or personally benefitted financially from his dealings.

Republicans also raise questions about why three Biden family members made millions from Chinese entities.

Democrats say there is no evidence the transactions, which were made public in 2020, involve any wrongdoing and do not involve the President.

Does McCarthy have full Republican support?

Mr McCarthy is bypassing a House vote to move to an impeachment inquiry, which protects moderate Republicans and insulates him against a failed vote before the investigation goes further.

Eighteen House Republicans are from districts Mr Biden won in 2020, including five he won by double digits. Many of those are leery of backing an impeachment inquiry unless there is clear evidence.

The inquiry gives Republicans ammunition against Mr Biden as former president Donald Trump, their front-runner for the 2024 nomination, faces four separate criminal trials.

But the conservatives have just a 10-seat House majority and alienating swing-district voters could cost them control of the chamber next year.

Senate Republicans say the party is better off focusing on the economy and jobs under Mr Biden, and not an impeachment effort that is unlikely to result in a conviction.

Why did McCarthy begin an inquiry?

He is under pressure from several quarters including House members of the far-right contingent of the Republican Party, and reportedly from Mr Trump.

The House Speaker, who was selected in January after 14 rejections by his own party, is trying to prove he has a firm hand on the gavel.

Far-right members, particularly in the heavily conservative House Freedom Caucus group, such as Matt Gaetz and Marjorie Taylor Greene, are among those who have been calling for an impeachment inquiry.

What happens next?

If Republicans determine the inquiry has enough evidence to justify impeachment, the judiciary committee would hear witness testimony and further investigate.

That panel would need a simple majority to take impeachment articles to the floor, culminating in a vote of the full House.

If Mr Biden were impeached, the Democratic-led Senate would be required to hold a trial and vote on whether to convict him of high crimes and misdemeanours. It would almost certainly fail.

Only three US presidents have been impeached: Andrew Johnson in 1868, Bill Clinton in 1998, and Donald Trump twice, in 2019 and 2021. None were convicted by the Senate.

Richard Nixon resigned in 1974 amid an impeachment investigation.

Agencies contributed to this report

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Tributes from the UAE's personal finance community

• Sebastien Aguilar, who heads SimplyFI.org, a non-profit community where people learn to invest Bogleheads’ style

“It is thanks to Jack Bogle’s work that this community exists and thanks to his work that many investors now get the full benefits of long term, buy and hold stock market investing.

Compared to the industry, investing using the common sense approach of a Boglehead saves a lot in costs and guarantees higher returns than the average actively managed fund over the long term. 

From a personal perspective, learning how to invest using Bogle’s approach was a turning point in my life. I quickly realised there was no point chasing returns and paying expensive advisers or platforms. Once money is taken care off, you can work on what truly matters, such as family, relationships or other projects. I owe Jack Bogle for that.”

• Sam Instone, director of financial advisory firm AES International

"Thought to have saved investors over a trillion dollars, Jack Bogle’s ideas truly changed the way the world invests. Shaped by his own personal experiences, his philosophy and basic rules for investors challenged the status quo of a self-interested global industry and eventually prevailed.  Loathed by many big companies and commission-driven salespeople, he has transformed the way well-informed investors and professional advisers make decisions."

• Demos Kyprianou, a board member of SimplyFI.org

"Jack Bogle for me was a rebel, a revolutionary who changed the industry and gave the little guy like me, a chance. He was also a mentor who inspired me to take the leap and take control of my own finances."

• Steve Cronin, founder of DeadSimpleSaving.com

"Obsessed with reducing fees, Jack Bogle structured Vanguard to be owned by its clients – that way the priority would be fee minimisation for clients rather than profit maximisation for the company.

His real gift to us has been the ability to invest in the stock market (buy and hold for the long term) rather than be forced to speculate (try to make profits in the shorter term) or even worse have others speculate on our behalf.

Bogle has given countless investors the ability to get on with their life while growing their wealth in the background as fast as possible. The Financial Independence movement would barely exist without this."

• Zach Holz, who blogs about financial independence at The Happiest Teacher

"Jack Bogle was one of the greatest forces for wealth democratisation the world has ever seen.  He allowed people a way to be free from the parasitical "financial advisers" whose only real concern are the fat fees they get from selling you over-complicated "products" that have caused millions of people all around the world real harm.”

• Tuan Phan, a board member of SimplyFI.org

"In an industry that’s synonymous with greed, Jack Bogle was a lone wolf, swimming against the tide. When others were incentivised to enrich themselves, he stood by the ‘fiduciary’ standard – something that is badly needed in the financial industry of the UAE."

Updated: September 14, 2023, 7:34 AM