(The Center Square) – House Speaker Kevin McCarthy, R-Calif., Tuesday opened a formal impeachment inquiry into President Joe Biden.

McCarthy directed a House Committee to open the inquiry, pointing to the mounting evidence that the president's son, Hunter Biden, and associates took millions of dollars from foreign interests and that President Biden knew about it.

“House Republicans have uncovered serious and credible allegations into President Biden’s conduct,” McCarthy said during the announcement.

“Taken together, these allegations paint a picture of a culture of corruption,” he added.

McCarthy pointed to ongoing House investigations, saying Biden knowingly lied about his knowledge and involvement in the foreign business dealings of his son, Hunter Biden.

“Eyewitnesses have testified that the president joined on multiple phone calls and had multiple interactions, dinners resulted in cars and millions of dollars into his son’s and his son’s business partners,” McCarthy said.

Biden has repeatedly dismissed questions about him benefiting from an overseas payments, but has not yet responded publicly to the impeachment inquiry.

McCarthy also pointed to testimony from IRS whistleblowers, who testified that during their investigation into Hunter Biden, who faces gun and tax charges, they uncovered about $20 million in payments to the Biden family and associates. According to bank records testimony, those payments came from entities in Ukraine, Russia, China, and more to various shell companies.

“The Treasury Department alone has more than 150 transactions involving the Biden family and other business associates that were flagged as suspicious activity by U.S. banks,” McCarthy said. “Even a trusted FBI informant has alleged a bribe to the Biden family. Biden used his official office to coordinate with Hunter Biden’s business partners about Hunter’s role in Burisma, a Ukrainian energy company.”

House Oversight Committee Chair Rep. James Comer, R-Ky., has spearheaded this investigation, raising concerns about an array of issues, including whether Air Force Two was used by Hunter Biden for his deals and whether President Biden’s Department of Justice interfered in Hunter’s case.

McCarthy said the impeachment inquiry is about getting to the bottom of the allegations and finding the facts. He encouraged Biden and his team to fully cooperate.

The impeachment committee will be led by Comer as well as Jim Jordan of the Judiciary Committee as well as Rep. Jason Smith, R-Mo., who leads the Ways and Means Committee.

“I do not make this decision lightly,” McCarthy said. “Regardless of your party and who you voted for, these facts should concern all Americans.”