Federal authorities have taken into custody a former senior adviser at the Federal Reserve, charging him with the illegal provision of sensitive economic information to the Chinese government.
According to a grand jury indictment, John Harold Rogers, 63, residing in Vienna, Virginia, is accused of appropriating trade secrets from the Federal Reserve and selling them to Chinese intelligence operatives for a sum exceeding $450,000. He allegedly misrepresented himself as a university professor in China to facilitate these transactions. Furthermore, he faces charges of providing false statements to agents from both the Federal Reserve and the Consumer Financial Protection Bureau.
The indictment and Rogers’ subsequent arrest were made public by the Department of Justice on Friday, coinciding with his first court appearance in Washington. He is currently being held without bail and has a scheduled arraignment for Tuesday, as indicated by court documents.
In a statement regarding the case, FBI Counterintelligence Division Assistant Director Kevin Vorndran remarked, “As outlined in the indictment, Rogers compromised his duties and his country by supplying restricted U.S. financial and economic data to Chinese intelligence officials.” He continued, “This information could enable adversarial nations to gain an unfair economic edge detrimental to the United States. This indictment signifies that the FBI and its partners are dedicated to holding accountable those who jeopardize our national security.”
A public defender assigned to Rogers’ case did not provide an immediate comment following the announcement.
The Justice Department highlighted the potential implications of the information provided to China, stating it could allow for manipulation of the U.S. market, drawing parallels to insider trading. As of October 2024, the department noted that China possessed approximately $816 billion in U.S. foreign debt, and that having access to confidential insights on U.S. economic policies, such as forthcoming changes to federal interest rates, could greatly benefit Chinese financial entities engaged in U.S. debt transactions.
Rogers, who holds U.S. citizenship and earned a Ph.D. in economics, was employed by the Federal Reserve from 2010 until 2021. The indictment reveals that during his tenure as a Senior Adviser within the Federal Reserve Board’s Division of International Finance, Rogers had access to a broad spectrum of confidential information.
According to the indictment, communication between Rogers and two Chinese accomplices began as early as 2013. It claims that he forwarded sensitive information to his personal email or created printed copies to share with his co-conspirators. This collection allegedly consists of proprietary economic reports, analytical documents, and briefing materials prepared for Federal Reserve officials, as well as insights into Federal Open Market Committee discussions and anticipated announcements. Moreover, it includes accounts related to tariffs directed at China.
The indictment further alleges that Rogers visited China multiple times to meet with his co-conspirators, pretending to be an academic instructor instructing them purportedly as students. It is also asserted that in 2023, he received $450,000 during his role as a part-time professor at a Chinese academic institution.
