Scott Demands Investigation into China's Influence on Federal Reserve
Posted On August 9, 2022
While the United States reels from the recent FBI raid on Mar-a-Lago and allegations of corruption in the Dept. of Justice, China continues to be a threat. On Monday, Sen. Rick Scott (R-FL) wrote a letter to Senate Homeland Security and Government Affairs Committee chair Gary Peters (D-MI) requesting a hearing with Federal Reserve Board Chair Jerome Powell and FBI leadership on Chinese influence and information theft from Federal Reserve Banks.
Ranking HSGAC member Rob Portman (R-OH) released a report detailing China’s decade-long efforts to subvert U.S. economic influence through the Federal Reserve. And with it, the Fed’s inability to effectively counter it.
The report solidifies in the reader’s mind the sheer ruthlessness China pursues its espionage and intellectual property theft. Given the existence of willing collaborators and Fed employees coerced into working with China, Lt. Gen. R.H. McMaster is quoted to say, “we are, in large measure, underwriting our own demise.”
China creates these collaborators through a “Thousand Talents” program. This involves monetary and other benefits in exchange for information and knowledge from American researchers, scientists, and experts in the public and private sectors.
Additionally, China has bought the second-largest foreign share of U.S. Treasury securities, meaning their influence is already felt.
Unfortunately, the federal government has allowed this to happen due to lax policies regarding talent program connections, background checks, and lacking classification systems other Federal agencies have. Naturally, Scott’s letter calls this “unacceptable,” and demands a hearing with Chairman Powell and FBI leadership in order “to better understand the next steps in responding to this threat.”
As the letter concludes, “The American people deserve nothing less than full accountability from their government, and we urge you to take up this matter and hold a public hearing on this report.”
Joining Scott in this letter are Ron Johnson (R-WI), Rand Paul (R-KY), James Lankford (R-OK), Mitt Romney (R-UT), and Josh Hawley (R-MO).
Scott then tweeted the following Tuesday morning:
“I joined @senrobportman to lead our HSGAC colleagues in demanding a hearing on reports of Chinese influence & information theft at U.S. Federal Reserve banks. The American people deserve nothing less than full accountability,” Scott stated.