Season of Change: Pelosi Steps Down From House Leadership, GOP Investigates Biden Business Dealings

A changing of the guard is underway in Washington, D.C. 

Speaker of the House Nancy Pelosi (D-CA) is stepping down as the leader of the Democrats in the U.S. House of Representatives.

And as the Republicans take over the House, they're already preparing for investigations into the Biden family's business practices.

Democrats and Republicans alike gave Pelosi a standing ovation and a lengthy round of applause Thursday, showing their appreciation for the outgoing Speaker of the House. She responded by quoting a Bible verse – Ecclesiastes 3:1.

"Scripture teaches us that for everything there is a season, a time for every purpose under heaven," Pelosi said.

A veteran of the U.S. Congress for 35 years, Pelosi became the first woman to be elected Speaker of the House in 2007.

But now, the 82-year-old political veteran says it's time for her to step aside from House leadership.

"For me, the hour's come for a new generation to lead the Democratic caucus that I so deeply respect, and I'm grateful that so many are ready and willing to shoulder this awesome responsibility," she said.

As Pelosi remains in Congress – but out of the leadership – New York Rep. Hakeem Jeffries is expected to succeed her as the Democratic Party leader in the House. If elected, he'd be the first black House minority leader in the history of Congress.

Meanwhile, House Republicans are wasting little time setting the tone for when they take control of the House in January. Topping their agenda? Investigations into Joe Biden's involvement in the alleged questionable business practices of his son Hunter.

"The more you look into Hunter Biden, the more bad things pop up... Was Joe Biden directly involved with Hunter Biden's business deals and is he compromised? That's our investigation," Rep. James Comer (R-KY) explained. 

Republicans issued a report Thursday detailing what they say they've already discovered, alleging the Bidens were involved in a conspiracy to defraud the U.S. by violating the Foreign Agents Registration Act. 

They say through a number of business deals with Chinese communist government officials, the Bidens committed wire fraud, money laundering, tax evasion, and other crimes.

The White House responded by saying the GOP investigation is full of "long-debunked conspiracy theories."

Republicans take control of the U.S. House and key congressional committees on January 3, 2023.