Theodore H Moran, a respected expert on China's international investment and professor at Georgetown University, had served since 2007 as adviser to the intelligence director's advisory panel on foreign investment in the US.
Moran also was an adviser to the National Intelligence Council, a group of 18 senior analysts and policy experts who provide US spy agencies with judgements on important international issues.
"It is inconceivable how someone serving on Huawei's board would also be allowed to advise the intelligence community on foreign investments in the US," Wolf wrote.
Moran, who earlier had declined to discuss the matter, said in a statement on Friday to the AP, "I was totally transparent." He said he told the National Intelligence Council in 2010 about his membership on Huawei's advisory panel.
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A spokesman for Clapper's office confirmed on Friday that Moran was no longer associated with the intelligence council "effective September 2013" but declined to answer further questions, citing the US Privacy Act. Moran declined to discuss the matter with the AP.
His resignation also was confirmed by Wolf and two federal officials who spoke on condition of anonymity because they were not authorised to discuss the case publicly.
"If he wants to make a lot of money advising Huawei, that's his prerogative," Wolf told the AP. "But he shouldn't be on a critical advisory board that provides intelligence advice on foreign investments in our country."