Chinese Government targeted Fed to undermine US economic and monetary policy

On July 26, 2022, member of the US Senate Homeland Security and Governmental Affairs Committee Rob Portman revealed Chinese malign efforts to influence and undermine the Federal Reserve. According to the Senate report, an “extended and effective Chinese malign influence and information theft campaign” has targeted The Fed since at least 2013. One of the Chinese government’s tactics to collect information from the Fed was to recruit US-based economists, in exchange for “monetary gain and other benefit”. As part of this operation, Chinese officials forcibly detained a Fed employee in China, and developed ties with Fed employees through the Xinhua News Agency Media. In addition, multiple Fed employees maintained close ties to Chinese academic organizations known to be affiliated with China’s Thousand Talents Program, the most famous of hundreds of Chinese programs aimed at gaining technology from abroad, sometimes through illegal or non-transparent means. The Senate report found that the Fed had so far been unable to counter the Chinese government’s malign influence and collection campaign.

About This Incident

Threat Actors: China

Incident Metadata

Date: 26 July 2022
Country: United States