Biden's brother abandons UK clean energy project after White House review

James Biden, the president's brother, abandoned a clean-energy project based in the United Kingdom after a White House review over conflicts of interest.

The Financial Times reported Thursday that Biden had created an investment vehicle last month with a U.K. lawyer and two Argentine businessmen. Biden reportedly launched the business, known as 2BT, with his wife Sara Jones Biden and partner Peter Teare.

The company then established Shelbourne Partners to "explore prospective investment opportunities, particularly in the clean-energy sector," Teare told the FT.

Biden later parted ways after the White House counsel's office conducted a review as part of the administration's new ethics rules, which are designed to ensure the president's family finances do not conflict with any official government business.

"The president adopted ethics rules and standards for his administration that surpass those of any other administration in history, and include standards for his relatives," a White House official told the British newspaper.

The official went on to say that after a review is conducted, the White House advises family members on whether they should proceed, but it is up to the family to make the final decision.

Teare suggested to the newspaper that it would be "mistaken" to assume that the plans to abandon the energy project were due to the review, but declined to "discuss James' and Sara's private business affairs including the reasons why they may decide to pursue a particular opportunity or not." 

President Biden in January told CNN that his family would "not be involved in any business, any enterprise that is in conflict with or appears to be in conflict, where there's appropriate distance from, the presidency and government," according to the Times.

Former President Trump was often criticized for crossover between his family's businesses and his official government work.