In a powerful and unified gesture, the world's leading central bankers have publicly declared their support for US Federal Reserve Chairman Jerome Powell, who is confronting the threat of a criminal investigation initiated by the Trump administration.
Unprecedented Statement of Solidarity
Bank of England Governor Andrew Bailey was among eleven global central bank leaders to sign a joint statement issued on Tuesday, 13 January 2026. The signatories, which include European Central Bank President Christine Lagarde and the heads of institutions in Sweden, Denmark, Switzerland, Australia, Canada, South Korea, and Brazil, expressed their "full solidarity" with both the Federal Reserve and its chairman.
The extraordinary move follows Mr Powell's revelation that the Fed is being threatened with a criminal indictment. The potential charges are reportedly linked to his congressional testimony concerning renovation projects at the central bank's office buildings.
A Defence of Central Bank Independence
The published statement underscores a fundamental principle of modern economics. "The independence of central banks is a cornerstone of price, financial and economic stability in the interest of the citizens that we serve," the bankers asserted. They emphasised that preserving this independence, while respecting democratic accountability and the rule of law, is critically important.
In a direct endorsement of Mr Powell's character, the statement praised his service. "Chair Powell has served with integrity, focused on his mandate and an unwavering commitment to the public interest," it read. The leaders described him as "a respected colleague who is held in the highest regard by all who have worked with him."
Broader Context of Political Pressure
This collective backing marks a significant moment for Jerome Powell, who has argued that the spectre of criminal charges fundamentally undermines the Fed's operational autonomy. In a recent video statement, he suggested this "unprecedented action should be seen in the broader context of the administration's threats and ongoing pressure."
The statement from global peers arrives against a backdrop of sustained criticism from President Donald Trump. The former president has repeatedly lambasted Mr Powell and the Fed for their decisions on monetary policy, particularly for not reducing the country's interest rates as swiftly as he desired.
This show of international support highlights the deep concern within financial institutions worldwide about political interference, setting a stark precedent for the defence of central banking independence.
