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."

"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."

Governors from 11 major central banks issued a rare joint statement expressing full support for Federal Reserve Chair Jay Powell and warned the stakes extend beyond one individual. The communique emphasized central bank independence as a cornerstone of price, financial and economic stability and called for its preservation with respect for the rule of law and democratic accountability. Signatories praised Powell's integrity, focus on his mandate, and commitment to the public interest. Prosecutors have opened an investigation into a $2.5 billion renovation of the Fed headquarters; Powell called the probe a pretext to strip Fed independence. The White House is considering successors including Kevin Hassett and Kevin Warsh, and some Republican senators warned they would block nominations.

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