Central Bankers Across the World Unite ‘in Full Solidarity’ Behind Fed Chair Powell

The world’s most powerful central bankers united for a joint statement to declare their “full solidarity” with Federal Reserve chair Jay Powell who is under criminal investigation from President Donald Trump’s Justice Department over the renovation of the Fed building in Washington.

In a rare joint intervention on Tuesday involving governors from 11 major institutions, the bankers wrote that they backed Powell fully while warning that the stakes stretch far beyond just one man.

“The independence of central banks is a cornerstone of price, financial and economic stability in the interest of the citizens that we serve,” the release said. “It is therefore critical to preserve that independence, with full respect for the rule of law and democratic accountability.”

It added: “Chair Powell has served with integrity, focused on his mandate and an unwavering commitment to the public interest. To us, he is a respected colleague who is held in the highest regard by all who have worked with him.”

The statement follows confirmation on Sunday that prosecutors have opened an investigation into Powell over a $2.5 billion renovation of the Fed’s headquarters. Powell, whose term as chair expires in May, has rejected the probe as a pretext designed to strip the Fed of its independence.

The move comes as the White House weighs potential successors. Kevin Hassett, Trump’s National Economic Council director, and former Fed governor Kevin Warsh are both seen as leading contenders.

Signatories included the presidents of the European Central Bank, representing the eurozone’s 21 national central banks, the Bank of England, the Bank of Canada, the Bank for International Settlements, the Reserve Bank of Australia, and the Bank of Korea, among others.

On Capitol Hill, the investigation has triggered unease among Republicans, with Senators Thom Tillis (R-NC) and Lisa Murkowski (R-ME) publicly warning against undermining the Fed. The pair also vowed to block any central bank nominations until the matter is resolved.

Read the statement by central bank heads in full below:

We stand in full solidarity with the Federal Reserve System and its Chair Jerome H. Powell. The independence of central banks is a cornerstone of price, financial and economic stability in the interest of the citizens that we serve. It is therefore critical to preserve that independence, with full respect for the rule of law and democratic accountability. Chair Powell has served with integrity, focused on his mandate and an unwavering commitment to the public interest. To us, he is a respected colleague who is held in the highest regard by all who have worked with him.

Christine Lagarde, President of the European Central Bank on behalf of the ECB Governing Council

Andrew Bailey, Governor of the Bank of England

Erik Thedéen, Governor of Sveriges Riksbank

Christian Kettel Thomsen, Chairman of the Board of Governors of the Danmarks Nationalbank

Martin Schlegel, Chairman of the Governing Board of the Swiss National Bank

Ida Wolden Bache, Governor of Norges Bank

Michele Bullock, Governor of the Reserve Bank of Australia

Tiff Macklem, Governor of the Bank of Canada

Chang Yong Rhee, Governor of the Bank of Korea

Gabriel Galípolo, Governor of the Banco Central do Brasil

François Villeroy de Galhau, Chair of the Board of Directors of the Bank for International Settlements

Pablo Hernández de Cos, General Manager of the Bank for International Settlements

The statement closes by noting that more signatories may be added at a later stage.