Commentary
A new Congressional report (pdf) reveals that U.S. economic officials have pursued money and positions from China as part of programs that sought “malicious, undisclosed, and illegal transfers of information that seek to undermine the United States.”
The 40-page Senate report, based in part on an internal investigation by the U.S. Federal Reserve System (the Fed), shows that Beijing has for over a decade sought to develop a spy network, steal confidential economic information, and “gain influence” within the Fed.
The Fed Did Nothing
The FBI provided the Fed with a list of necessary counterintelligence measures, but rather than take them seriously, according to the report, Fed Chairman Jerome Powell second-guessed and cherry-picked the FBI recommendations. The Fed itself has demonstrated incompetence by losing some of the materials upon which the investigation was based….