Global central bankers unite in defense of Fed Chair Jerome Powell

Global central bankers issued a statement Tuesday defending U.S. Federal Reserve Chair Jerome Powell following the launch of a criminal investigation into the central bank chief.

“We stand in full solidarity with the Federal Reserve System and its Chair Jerome H. Powell,” central bank chiefs including European Central Bank President Christine Lagarde and Bank of England Governor Andrew Bailey, said in a joint statement.

“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,” they added.

Powell has served with “integrity, focused on his mandate and an unwavering commitment to the public interest,” the statement said.

“To us, he is a respected colleague who is held in the highest regard by all who have worked with him.”

Other signatories to the statement included the central bank chiefs of Brazil, Switzerland, Sweden, Denmark, South Korea, Australia, and Canada.