China targeted Federal Reserve employees in an attempt to undermine American monetary policy: Senate report

Federal Reserve Chairman Jerome Powell said he is 'troubled' by the report's 'unfair, unsubstantiated and unverified insinuations'

Paul Best / FOXBusiness 

 

The Chinese government has targeted the Federal Reserve in an effort to undermine American monetary policy since at least 2013, according to a report released Tuesday by Republicans on the Senate Homeland Security and Government Affairs Committee. 

The report detailed the actions of several Federal Reserve employees known as the "P-Network," whose foreign travel patterns and academic backgrounds raised concerns internally. 

One of these employees was detained four times during a 2019 trip to Shanghai as Chinese officials "threatened the individual’s family unless the individual provided them with economic information and assistance." 

Other Federal Reserve employees also had "close ties" to the People’s Bank of China, Chinese academic organizations, and the state-owned Xinhua News Agency, according to the report. Read more and see video here.