Central banks worldwide have declared their position standing firmly with Jerome Powell, Chair of the U.S. Federal Reserve, after he became subject to a criminal investigation by the Department of Justice.
On Tuesday, 13 Jan 2026 GMT+7, executives from 11 central banks globally issued a joint statement affirming their full solidarity with Jerome Powell, Chair of the U.S. Federal Reserve (the Fed), following the launch of a criminal investigation against him by the government.
Leaders from the Bank of England, European Central Bank, and Bank of Canada were among 11 senior central bank officials who signed the statement emphasizing the critical importance of maintaining independence in setting their countries' benchmark interest rates.
“Chairman Powell has conducted himself with integrity, focusing on his assigned duties and unwavering commitment to the public interest,” the statement said. “To us, he is a respected colleague who has earned the highest trust of all who work with him.”
The investigation is related to Powell’s testimony before the Senate committee concerning renovations of various U.S. Federal Reserve buildings.
Powell has also been repeatedly attacked by U.S. President Donald Trump for not lowering interest rates as Trump wished, being called a “loser” and “dumb,” but Trump claimed he “knows nothing” about the investigation.
Until the past weekend, Powell remained silent amid Trump’s attacks, but on Sunday he responded openly, warning that the independence of the U.S. Federal Reserve is at risk.
“This is about whether the Federal Reserve can continue to set interest rates based on evidence and economic conditions, or if monetary policy will be dictated by political pressure or intimidation,” Powell said.
Powell was nominated by Trump as Fed Chair in 2017 and his term is set to expire in May this year. Trump is expected to announce his successor within the coming weeks.
Meanwhile, several Republican senators have opposed the Department of Justice’s investigation into Powell. Senator Thom Tillis of North Carolina said he will oppose Trump’s nominee to replace Powell as well as other Fed board nominees until the matter is “fully resolved.”
Since the Senate Banking Committee must approve Fed nominees, if Tillis, a committee member, maintains this stance, it could delay any of Trump’s selections to succeed Powell.
Senator Kevin Cramer, also a Republican on the same committee, commented that while he believes Powell has not performed well as Fed Chair, he does not consider him a criminal. He added that the investigation should proceed quickly to restore confidence in the Fed.
Senator Lisa Murkowski, another Republican, described the investigation as an attempt at intimidation.
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Source:bbc