Rogers, a 63-year-old resident of Vienna, Virginia, held a crucial role in the Federal Reserve's international finance division from 2010 until his retirement in 2021. His position granted him access to confidential information, including proprietary economic data, discussions on tariffs targeting China, and sensitive insights into the Federal Open Market Committee's (FOMC) forthcoming announcements.
As reported by Gateway Pundit, the indictment alleges that Rogers began to exploit his position as early as 2018, soliciting and transmitting trade-secret information to individuals associated with China's intelligence apparatus. These individuals, posing as graduate students, allegedly enticed Rogers with gifts, a fully paid beach vacation, and lucrative teaching opportunities at Fudan University in Shanghai. In 2023, Rogers received approximately $450,000 as a part-time professor at the university.
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The press release from the Department of Justice reads, "John Harold Rogers, 63, of Vienna, Virginia, a former Senior Adviser for the Federal Reserve Board of Governors (FRB), was arrested today on charges that he conspired to steal Federal Reserve trade secrets for the benefit of the People’s Republic of China (PRC)." The indictment further alleges that Rogers made false statements to the Office of Inspector General for the Board of Governors of the Federal Reserve System and the Consumer Financial Protection Bureau (FRB-OIG), which significantly impacted its investigation.
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Devin DeBacker, head of the Justice Department’s National Security Division, stated, “As alleged, the defendant violated the trust placed in him by the Federal Reserve Bank by putting U.S. trade secrets in the hands of his PRC co-conspirators, knowing full well that such information would benefit the PRC Government and PRC instrumentalities.” He further emphasized the Justice Department's commitment to disrupting economic espionage and protecting national security.
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U.S. Attorney Edward R. Martin Jr. for the District of Columbia echoed these sentiments, saying, “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 adversary.” He warned that law enforcement would find and hold accountable those who seek to betray or exploit the United States.
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Assistant Director Kevin Vorndran of the FBI Counterintelligence Division also weighed in, stating, “As alleged in the indictment, Rogers betrayed his country while employed at the Federal Reserve by providing restricted U.S. financial and economic information to Chinese government intelligence officers.” He warned that such information could allow adversaries to illegally gain a strategic economic advantage at the expense of the U.S.
David Sundberg, Assistant Director in Charge of the FBI Washington Field Office, highlighted the Chinese Communist Party's expanded economic espionage campaign targeting U.S. government financial policies and trade secrets. He affirmed the FBI’s unwavering commitment to protecting U.S. national security interests and jobs and bringing to justice those willing to betray their country for personal gain.
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Special Agent in Charge John T. Perez of the FRB-OIG, Headquarters Operations, stated, “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.”
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The indictment reveals that Rogers, a U.S. citizen with a Ph.D. in economics, was entrusted with confidential FRB information during his tenure. The confidential information that Rogers allegedly shared with his Chinese co-conspirators, who worked for the intelligence and security apparatus of China and posed as graduate students at a PRC university, is economically valuable when secret.
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China holds a significant amount of U.S. foreign debt (approximately $816 billion as of October 2024). The data Rogers shared with his co-conspirators could potentially allow China to manipulate the U.S. market, akin to insider trading. Gaining advance knowledge of U.S. economic policy, including changes to the federal funds rate, could provide China with an advantage when selling or buying U.S. bonds or securities.
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Rogers is charged with conspiracy to commit economic espionage and with making false statements. The FBI Washington Field Office and FRB-OIG are investigating the case, with Assistant U.S. Attorney Kimberly Paschall for the District of Columbia and Trial Attorneys Nicholas Hunter and Steve Marzen of the National Security Division’s Counterintelligence and Export Section prosecuting the case.
