‘Unfair, Unsubstantiated, And Unverified’: Federal Reserve Dismisses Bombshell Claims Of Chinese Breaches

‘Unfair, Unsubstantiated, And Unverified’: Federal Reserve Dismisses Bombshell Claims Of Chinese Breaches


Federal Reserve Chair Jerome Powell responded to a report from Senate Republicans claiming that the central bank failed to combat a Chinese government information theft campaign by calling it “unfair, unsubstantiated, and unverified.”

The Federal Reserve, charged with executing a dual mandate of maximum employment and stable prices, is presently determining policy to navigate the United States economy through the highest inflation rates in four decades. Yet the report found that China, which holds nearly $1 trillion in Treasury securities, has used talent recruitment plans and promises of academic positions in an effort to glean classified information from central bank employees.

Powell disputed the findings in a Monday letter to Sen. Rob Portman (R-OH), the lawmaker who spearheaded the report. “We are deeply troubled by what we

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