Senator Portman warns of economic espionage.
Senator Rob Portman of Ohio released a minority staff report for the Homeland Security and Government Affairs Committee that details how the Federal Reserve system has been repeatedly targeted by a Chinese government spy program as part of a large-scale economic espionage effort.
“A Federal Reserve counterintelligence analysis identified 13 persons of interest as having connections with known Chinese talent recruitment plan members or ‘having similar patterns of activity the [Federal Reserve] analysts deemed’ of potential concern,” the new report says. “Federal Reserve investigators dubbed these individuals, representing no fewer than 8 of the 12 Federal Reserve Banks, as the P-Network.”
“I am concerned by the threat to the Fed and hope our investigation, which is based on the Fed’s own documents and corresponds with assessments and recommendations made by the FBI, wakes the Fed up to the broad threat from China to our monetary policy,” Senator Portman said. “The risk is clear. I urge the FBI and the Fed to do more to counter this threat from one of our foremost foreign adversaries.”
The report concluded that there has been a lack of competency at the U.S. central bank, which China has sought to exploit. The FBI has also issued repeated warnings about China’s Thousand Tablets economic espionage program.
As the Lord Leads, Pray with Us…
- For Senator Portman and other legislators as they endeavor to secure the U.S. central bank.
- For Chairman Powell and the members of the Federal Reserve to heed the warnings of the senator and the FBI.
- For wisdom for the U.S. officials who are tasked with securing the Federal Reserve system.
Sources: Washington Examiner, Bloomberg News
