Fed not adequately prepared to thwart Chinese information gathering -report

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By Howard Schneider WASHINGTON (Reuters) – The Federal Reserve does not have adequate systems to counter a “malign” effort by China to gather inside information on the U.S. economy and monetary policy, according to a report that was prepared by Republican staff of the Senate Homeland Security Committee, and promptly rejected by the Fed as “unfair, unsubstantiated, and unverified.” The report, which was released on Tuesday, relies heavily on information provided by the U.S. central bank itself, dating back to a 2015 internal probe of what came to be known as the “P-Network,” a group of 13 peopl…

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