Federal authorities have arrested John Harold Rogers, a former senior adviser to the U.S. Federal Reserve, on charges of espionage for allegedly providing inside economic information to China. The indictment outlines serious accusations, claiming Rogers sold sensitive economic data to Chinese intelligence officials for at least $450,000, all under the façade of being a university professor.
The Justice Department announced the arrest on January 31, 2025, coinciding with Rogers’ first court appearance. The 63-year-old from Vienna, Virginia, has been charged with stealing Federal Reserve trade secrets and lying to investigators from both the Federal Reserve and the Consumer Financial Protection Bureau.
Assistant Director Kevin Vorndran of the FBI’s Counterintelligence Division stated, “Rogers betrayed his country... by providing restricted U.S. financial and economic information to Chinese government intelligence officers.” Such actions, Vorndran contended, could enable adversaries to gain unfair strategic advantages over the United States, threatening the security of U.S. economic policies.
According to the indictment, Rogers worked at the Federal Reserve from 2010 to 2021 within the Division of International Finance, where he would have had access to classified information. Prosecutors allege his intent to share privileged data with Chinese operatives dates back to 2013, with Rogers purportedly forwarding protected information to his personal email account or creating print copies to share with his co-conspirators.
The sensitive information reportedly included proprietary economic analysis, briefing materials intended for Federal Reserve governors, details from Federal Open Market Committee meetings, and discussions related to tariffs aimed at China. Rogers is said to have made multiple trips to China, posing as an academic instructor and gathering intelligence during these visits.
The 2023 academic role at a Chinese university earned Rogers at least $450,000, alongside additional benefits covering travel expenses, accommodation, and dining.
The stakes are high for Rogers, who now faces serious charges. If convicted, he could face up to 15 years of imprisonment for conspiracy to commit economic espionage, alongside fines reaching up to $5 million for making false statements.
Rogers’ attorney, Jonathan Gitlen, stated via email, “Dr. Rogers denies the allegations as set forth in the indictment,” and indicated there will be more information shared at a later date. Meanwhile, the Federal Reserve has opted not to comment on the matter, leaving the case shrouded largely in silence from his former employer.
Reactions have also emerged from the Chinese Embassy, which stated it was unfamiliar with the specifics of the case but emphasized, “We uphold the rule of law and do not interfere…,” firmly opposing what they termed unfounded allegations of espionage against China.
The indictment raises concerns over national security and the integrity of U.S. financial institutions. It highlights the growing vulnerabilities within the system, with financial insiders possibly accessible to foreign governments aiming to manipulate the U.S. markets akin to insider trading.
China currently holds around $816 billion of U.S. foreign debt as of October 2024, underscoring the potential financial ramifications should such espionage efforts succeed. Insider knowledge about pivotal U.S. economic policy could afford Chinese financial players an advantageous edge over their U.S. counterparts.
Rogers remains incarcerated without bond and is slated for arraignment soon. The outcome of this case could set significant precedents for how espionage cases involving financial institutions are prosecuted and what measures are imposed to protect sensitive information from foreign adversaries.