In an unprecedented show of institutional solidarity, central bank governors from eleven nations have issued a joint statement expressing their “full solidarity” with Federal Reserve Chairman Jerome Powell, who is currently facing a criminal investigation by the U.S. Department of Justice.
The remarkable declaration comes after a year of sustained criticism from former President Donald Trump, who repeatedly attacked Powell’s monetary policy decisions and personally characterized the Fed chair as a “major loser” and “numbskull” in public statements.
Among the signatories are some of the world’s most influential financial leaders, including Andrew Bailey of the Bank of England, Christine Lagarde of the European Central Bank, and Tiff Macklem of the Bank of Canada. Their collective statement emphasized the critical importance of central bank independence in setting interest rates without political interference.
“Chair Powell has served with integrity, focused on his mandate and an unwavering commitment to the public interest,” the central bankers asserted in their coordinated message. They further described Powell as “a respected colleague who is held in the highest regard by all who have worked with him.”
The Department of Justice probe, which former President Trump claims to know nothing about, represents an extraordinary development in the relationship between the executive branch and the traditionally independent Federal Reserve. Legal experts note that criminal investigations of sitting Fed chairs are exceptionally rare in American history.
This coordinated international response underscores growing concerns among financial leaders about the potential politicization of central banking institutions and the preservation of monetary policy independence worldwide.