A former high-ranking Federal Reserve official has been arrested for allegedly leaking sensitive US economic data to Chinese intelligence operatives. John Harold Rogers, a 63-year-old Virginia resident and longtime Fed insider, was taken into custody on Friday after US prosecutors accused him of smuggling classified information through personal emails and secret meetings with Chinese agents posing as graduate students.

### The Allegations

According to an indictment unsealed in a Washington, DC federal court, Rogers exploited his position as a senior adviser in the Fed’s international finance division to access top-secret details on US trade policies, tariffs, and Federal Open Market Committee (FOMC) decisions. These FOMC decisions are critical as they determine the federal funds rate, which influences everything from mortgage rates to global bond markets.

Prosecutors allege that from 2018 until his retirement in 2021, Rogers emailed confidential Fed documents to his personal account, printed them, and carried them to China during trips under the guise of teaching “classes” to fake Chinese students. These students, however, were allegedly tied to China’s intelligence apparatus.

### A Calculated Betrayal

The Department of Justice (DOJ) claims Rogers’ actions were deliberate and meticulously planned. He allegedly shared briefing books for Fed governors, classified reports on trade measures, and insider knowledge of FOMC decisions. In exchange, Rogers reportedly received $450,000 as a part-time professor at a Chinese university—a role prosecutors say was a front to facilitate his espionage activities.

US Attorney Edward R. Martin Jr. stated:

*“President Trump tasks us with protecting our fellow Americans from all enemies, foreign and domestic. As alleged in the indictment, this defendant leveraged his position within the Federal Reserve to pass sensitive financial information to the Chinese government, a designated foreign adversary. 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.”*

### The Impact of Rogers’ Leaks

One of the most alarming aspects of the case is that Rogers allegedly shared data directly related to US-China trade tensions, including details on US tariffs discussed during President Donald Trump’s trade war with China. On the day Rogers’ case became public, the White House confirmed that 25% tariffs on Canadian and Mexican goods were being finalized, with China’s tariffs set to follow.

China’s significant holdings of US debt—approximately $768.6 billion in US Treasury bonds as of November—make it highly sensitive to changes in US economic policies. The DOJ asserts that Rogers’ leaks provided China with a substantial financial advantage, allowing them to position their holdings to minimize losses or maximize gains based on insider knowledge of Fed policies.

### The Investigation and Cover-Up

When questioned in 2020 by the Fed’s internal watchdog, the Office of the Inspector General, Rogers denied accessing or sharing sensitive data and downplayed his connections with Chinese officials. However, prosecutors say the damage had already been done, with critical information flowing to China for years.

David Sundberg, Assistant Director in charge of the FBI’s Washington field office, emphasized:

*“The Chinese Communist Party has expanded its economic espionage campaign to target U.S. government financial policies and trade secrets.”*

John T. Perez, Special Agent in Charge of Headquarters Operations, added:

*“This indictment sends a clear message that those who deliberately misuse sensitive Federal Reserve information for their own personal gain and lie about it to investigators will be held accountable for their actions.”*

### A Broader Warning

This case highlights the growing threat of economic espionage and the lengths to which foreign adversaries may go to gain an edge in global financial markets. It also underscores the importance of safeguarding sensitive government information and holding those who betray public trust accountable.

As the legal proceedings unfold, the case serves as a stark reminder of the vulnerabilities within even the most secure institutions and the need for vigilance in protecting national economic interests