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. 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. The Federal Reserve's inability to counter China's "long running and brazen" actions is a national security threat, the Senate report said. Federal Reserve Chairman Jerome Powell disputed many of the findings in a letter to Ohio Sen.

Source: Fox News July 27, 2022 04:44 UTC