For nearly a decade, China has been targeting Federal Reserve employees in an attempt to undermine American monetary policy, according to a Senate report.
One employee who had "continuous contacts with Chinese nationals" attempted "to transfer large volumes of data from the Federal Reserve to an external site." Another employee transferred "modeling code" to a Chinese University tied to China's central bank.
The Federal Reserve's inability to counter China's "long running and brazen" actions is a national security threat, the Senate report said. Wang Chen, vice chairman of the standing committee of China's National People's Congress , delivers a report on a proposed foreign investment law during a plenary session of the NPC at the Great Hall of the People in Beijing, Friday, March 8, 20disputed many of the findings in a letter to Ohio Sen. Rob Portman, the ranking Republican on the Homeland Security Committee.
"We would be concerned with any supportable allegation of wrongdoing, whatever the source," Powell wrote in the letter. "In contrast, we are deeply troubled by what we believe to be the report's unfair, unsubstantiated and unverified insinuations about particular individual staff members." Still, the senate report comes as other intelligence and law enforcement officials have raised the alarm on China's meddling in U.S. institutions.
"The Chinese government is set on stealing your technology – whatever it is that makes your industry tick – and using it to undercut your business, and dominate your market," FBI Director Christopher Wray said last month. "And they’re set on using every tool at their disposal to do it."
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