A switchable one-way clutch is provided for selectively switching between operating as a one-way clutch and a bi-directional locking clutch. The clutch includes a housing, and an outer race and an inner race, which is fixed rotationally to the housing. The clutch also includes a roller cage assembly having a plurality of rollers contactable with the inner race and the outer race. A roller cage is configured to position and contain the plurality of rollers therein. The clutch also includes an annular drag plate contacting the inner race. The drag plate is rotationally fixed to the roller cage and is moveable in an axial direction relative to the roller cage. An electromagnet assembly is configured to magnetize in response to electric energy. Via selective magnetization to attract the drag plate axially, the clutch can switch between operating modes.