CHINA BRIBED AND THREATENED US FEDERAL RESERVE EMPLOYEES
Written by Peter Boykin on July 27, 2022
Shared By Peter Boykin – American Political Commentator / Citizen Journalist
CHINA BRIBED AND THREATENED U.S. FEDERAL RESERVE EMPLOYEES
China has been caught using coercion and bribes to build a network of informants inside the United States Federal Reserve in order to gain insights and even manipulate our monetary system.
The details: An investigation led by Republicans on the Senate Homeland Security Committee found that for more than a decade, China tried to bribe Fed officials with cash payments, asking them to provide U.S. economic secrets, and at one point even threatened a Fed official with imprisonment if they didn’t comply.
The P Network: The investigation followed a group of Fed employees dubbed the ‘P Network’ whose foreign travel and academic backgrounds raised concerns. These are people who had close ties to the People’s Bank of China, Chinese academic organizations, and the state-owned Xinhua News Agency.
How China coerced: One member of the P Network was detained during a 2019 trip to Shanghai where the Chinese “threatened the individual’s family unless the individual provided them with economic information and assistance.”
Another P Network Fed employee tried to “transfer large volumes of data from the Federal Reserve to an external site.”
Another gave “modeling code” to a Chinese University that was tied to China’s central bank.
Why China wants this data: According to WSJ, “Access to such information could provide valuable insights given the Fed’s extensive analysis of U.S. economic activity, its oversight of the U.S. financial system, and the setting of interest-rate policy.”
The Senate report does not say whether any U.S. information was ultimately compromised.
Fed Chair Jerome Powell disputed some of the Senate committee’s findings, claiming: “[W]e are deeply troubled by what we believe to be the report’s unfair, unsubstantiated and unverified insinuations about particular individual staff members.”
However, Powell did not provide any evidence to refute the committee’s claims.
[Source: WSJ, Fox Business]
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