U.S. Federal Reserve Chairman Jerome Powell during a press conference after the Federal Open Market Committee (FOMC) on Wednesday, December 10, 2025 in Washington, DC.
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Global central bankers on Tuesday issued a statement defending Federal Reserve Chairman Jerome Powell following the opening of a criminal investigation into the central bank chief.
“We stand in full solidarity with the Federal Reserve and Chairman Jerome H. Powell,” central bank leaders, including European Central Bank President Christine Lagarde and Bank of England Governor Andrew Bailey, said in a joint statement.
“Central bank independence is fundamental to price, financial and economic stability in the interests of the people we serve. It is therefore important to maintain that independence with full respect for the rule of law and democratic accountability,” they added.
The statement said Mr. Powell performed his duties with “integrity, focus on his mission, and unwavering commitment to the public interest.”
“To us, he has been a respected colleague and is held in the highest regard by all who have worked with him.”
The statement was also signed by the central bank chiefs of Brazil, Switzerland, Sweden, Denmark, South Korea, Australia and Canada.
The message of solidarity with Mr. Powell came after Mr. Powell released a statement Sunday night confirming that federal prosecutors had opened a criminal investigation into Congressional testimony related to the $2.5 billion renovation of the central bank’s headquarters in Washington, D.C.
Powell, who continues to face pressure from President Donald Trump to cut interest rates, said the investigation was a result of frustration with the president wanting to cut rates as quickly as he wanted.
“The threat of criminal charges is the result of the Fed setting interest rates based on its best assessment of what will serve the public, rather than following the wishes of the president,” Powell said in a video statement tweeted on the Fed’s X account.
Chairman Powell warned that the results of the investigation would shape the central bank’s future decisions.
“This is a question of whether the Fed can continue to set interest rates based on evidence and economic conditions, or whether monetary policy will instead be dictated by political pressure and intimidation,” Powell said.
—CNBC’s Dan Mangan contributed reporting to this story.
