China-based officials tried to build a network of confidants inside the Federal Reserve, in some cases attempting to offer employees of the central bank lucrative contracts in exchange for confidential information about interest rate policy changes and the U.S. economy, a congressional investigation found.
Why it matters: The report, which has received strong pushback from the Fed, calls out a failure to counter a decade-long attempt by Chinese officials to infiltrate the world's most powerful central bank. The findings, however, stop short of saying whether sensitive economic information had been compromised.
