Prosecutors on Jan. 31 arrested a former senior Federal Reserve advisor, accusing him of stealing trade secrets from the agency that could allow China to manipulate the U.S. market.
John Harold Rogers, 63, worked for 11 years as a senior advisor for the international finance division of the Federal Reserve Board of Governors, the main governing body for the U.S. central bank.
A federal indictment alleged that Rogers began working with Chinese conspirators since at least 2018. The Chinese handlers worked for the Chinese intelligence and security apparatus and posed as graduate students at a Chinese university, according to the filing.
Rogers, in the collaboration, allegedly solicited trade-secret information that included proprietary economic data sets, China tariff deliberations, and briefing books for specific board governors. He also allegedly solicited internal discussions and forthcoming announcements from the Federal Open Market Committee (FOMC), a 12-member body consisting of the seven Federal Reserve board of governors, the New York Federal Reserve Bank president, and four of the remaining 11 Reserve Bank presidents that rotate on an annual basis….