Ten central banks and global financial institutions back Fed chief Jerome Powell amid Justice Department investigation

London — The heads of 10 major central banks and global financial institutions expressed their collective support for U.S. Federal Reserve Chair Jerome Powell, saying in a joint statement released Tuesday that it was “critical to preserve” the banks’ independence.

US prosecutors have opened an investigation into Powellprompting his unusual rebuke of increasing pressure from President Trump’s administration to lower interest rates.

“We stand in full solidarity with the Federal Reserve System and its Chairman Jerome H. Powell,” said the statement signed by the heads of the European Central Bank, the Bank of England and others, including the central banks of Australia, Brazil, Canada and South Korea.

“The independence of central banks is a cornerstone of economic, financial and price stability in the interests of the citizens we serve. Therefore, it is essential to preserve that independence, with full respect for the rule of law and democratic accountability. Chairman Powell has served with integrity, focus on his mandate and with an unwavering commitment to the public interest. For us, he is a respected colleague who is held in the highest regard by all who have worked with him,” the statement said.

The Federal Reserve on Friday received subpoenas for a Justice Department grand jury stemming from a research on your chair on the cost of building renovations, Powell he said in a video statement shared on Sunday.

The subpoenas threatened criminal charges related to Powell’s testimony before the Senate Banking Committee in June 2025during which he discussed a multi-year project to renovate the Federal Reserve’s historic office buildings, according to Powell.

He said in his video statement that the Justice Department’s action should, however, be “viewed in the broader context of the administration’s ongoing threats and pressure.”

“This new threat has nothing to do with my testimony last June or the renovation of the Federal Reserve buildings. It has nothing to do with Congress’s oversight role; the Federal Reserve, through testimony and other public disclosures, did everything it could to keep Congress informed about the renovation project. Those are pretexts,” Powell said. “The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the president’s preferences.”

Multiple former Federal Reserve chairs and Treasury secretaries They have also condemned the Trump administration’s investigation.as well as members of Congress from both parties.