How Chinese Spies Allegedly Targeted a Former Federal Reserve Advisor
A CNBC investigation details how former Fed advisor John Rogers was drawn into a relationship with a man U.S. officials identify as a Chinese intelligence operative.
A former Federal Reserve advisor became ensnared in what U.S. officials describe as a Chinese intelligence operation built on fabricated relationships and calculated manipulation, according to a CNBC investigation into one of the more striking espionage cases tied to America's central banking system.
John Rogers, who worked as an advisor at the Fed, is identified in the investigation as the target of a man U.S. officials allege operated as a Chinese intelligence operative. The case illustrates a broader pattern U.S. counterintelligence agencies have long warned about — foreign actors cultivating access to sensitive American institutions through personal connections rather than technical hacking or direct theft.
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The methods described in the investigation — deception, emotional manipulation, and the gradual building of trust — reflect tactics analysts associate with long-horizon intelligence gathering. Rather than seeking immediate classified documents, such operations often aim to develop sources over months or years, extracting institutional knowledge, personnel details, and policy insights that may not be formally classified but remain strategically valuable.
The Federal Reserve, while not a traditional national security agency, holds significant economic and financial intelligence that foreign governments could exploit for competitive advantage. Its internal deliberations on interest rates, financial stability assessments, and regulatory posture represent high-value targets for state actors seeking an edge in global economic competition.
The Rogers case adds to a growing body of documented incidents in which China's intelligence services have allegedly sought to penetrate American financial and policy institutions, a concern that has drawn increasing attention from the FBI and the Office of the Director of National Intelligence in recent years. Continue reading at US Top News and Analysis.
