A former senior adviser for the Federal Reserve is facing charges of economic espionage and making false statements after an investigation by the FBI and the Federal Reserve Inspector General uncovered a multi-year conspiracy involving U.S. trade secrets and financial policies. John Harold Rogers, 63, allegedly used his position to funnel sensitive economic information to China’s intelligence agency.
US attorney shares case details
In a statement, U.S. Attorney Edward Martin confirmed Rogers was arrested on Friday, Jan. 31, as part of efforts to safeguard national security interests under President Donald Trump’s directive to protect against any threats, both foreign and domestic.
“Let this indictment serve as a warning to all who seek to betray or exploit the United States: law enforcement will find you and hold you accountable,” Martin said in the release.
Rogers’ role at the Federal Reserve
Rogers worked as a senior adviser at the Federal Reserve for more than a decade. It gave him direct access to confidential economic data. The indictment alleges he began passing this information to China’s intelligence agency in 2018. Rogers is accused of sharing details about U.S. tariffs, briefing books from governors and sensitive information about interest rate moves. He allegedly transmitted this data either by email or printed it before taking trips to China.
Two years ago, officials said Rogers earned $450,000 as a part-time professor at a Chinese university. Authorities claim Rogers used the position as a cover to meet with Chinese officials for his espionage activities.
Targeting the Federal Reserve
A 2022 report from the Homeland Security Committee revealed China has been attempting to gather intelligence from the Federal Reserve for years. However, efforts to stop these activities have been hindered by a lack of policy at the Federal Reserve. The report also claims China is using U.S. experts and talent programs to collect intelligence to replace the U.S. dollar as the world’s primary currency.
Rogers faces up to 20 years in prison for both charges and a maximum fine of $5 million.
