Senators seek hearing regarding Federal Reserve Bank Chinese influence

A group of Senate Homeland Security and Governmental Affairs Committee (HSGAC) lawmakers are requesting a hearing to address Chinese influence and information theft at Federal Reserve Banks.

HSGAC Ranking Member Rob Portman (R-OH) joined Sens. Rick Scott (R-FL), Ron Johnson (R-WI), Rand Paul (R-KY), James Lankford (R-OK), Mitt Romney (R-UT) and Josh Hawley (R-MO) in forwarding correspondence to HSGAC Chairman Sen. Gary Peters (D-MI) outlining the need for a hearing with Federal Reserve Board Chair Jerome Powell and Federal Bureau of Investigation (FBI) leadership.

“We write today regarding the troubling issues raised by the recent Minority Staff Report from the Senate Committee on Homeland Security and Governmental Affairs (HSGAC) highlighting China’s influence and threat to the Federal Reserve System of the United States,” the legislators wrote. “As the committee charged with oversight of the federal government, HSGAC should act on the Minority Staff Report and hold a hearing with Federal Reserve Board Chair Jerome Powell and leadership at the FBI to get answers on these urgent and sensitive matters, and to better understand the next steps in responding to this threat.”

The staff report maintained that for over ten years China has been engaged in a sustained malign influence and information theft campaign against the Federal Reserve System.

“HSGAC should act on the Minority Staff Report and hold a hearing with Federal Reserve Board Chair Jerome Powell and leadership at the FBI to get answers on these urgent and sensitive matters, and to better understand the next steps in responding to this threat,” the legislators concluded.