July 26, 2022
China Tried to Build Spy Network Inside the Fed, Threatened to Kidnap Fed Economist
“China tried to place ‘a network of informants inside the Federal Reserve system’ over the course of a decade, according to a stunning new article out this morning from the Wall Street Journal (archive)
Over 10 years, Fed employees were offered contracts with Chinese talent recruitment programs, often including cash payments, in exchange for providing information on the U.S. economy and interest rate changes, according to an investigation by Republican staff members of the Senate’s Committee on Homeland Security and Governmental Affairs
The country even threatened to imprison a Fed economist on a trip to Shanghai as apart of their efforts.
The economist was detained in 2019, the report says. WSJ notes that it is unclear whether any ‘sensitive information was compromised’…
The investigation called it ‘a sustained effort by China, over more than a decade, to gain influence over the Federal Reserve’.
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