10 major banks and global financial institutions support Fed chief Jerome Powell amid DOJ investigation

London – The heads of 10 major banks and international financial institutions threw their joint support to the Chairman of the US Federal Reserve, Jerome Powell, in a joint statement published on Tuesday that “it is important to maintain” the independence of banks.

US prosecutors have it opened Powellprompting his unusual rebuke against mounting pressure from President Trump’s administration to lower interest rates.

“We stand in full cooperation with the Federal Reserve System and its Chairman Jerome H. Powell,” said a statement signed by the heads of the European Central Bank, the Bank of England and others, including the central banks of Australia, Brazil, Canada and South Korea.

“The independence of central banks is the basis of values, financial stability and the economy for the benefit of the citizens we serve. It is therefore important to preserve that independence, with full respect for the law and democratic accountability. Chairman Powell has worked with integrity, focused on his work and unwavering dedication to the public interest. For us, he is highly respected by our respected partner.”

The Federal Reserve received massive subpoenas from the Justice Department on Friday that range from investigation of its seat over the cost of building repairs, Powell said in a video statement shared on Sunday.

The subpoenas threatened criminal charges related to Powell’s testimony before the Senate Banking Committee. June 2025while speaking about a multi-year project to renovate the historic Federal Reserve office buildings, according to Powell.

In his video statement he said the Justice Department’s move should, however, be “seen in the broader context of the administration’s threats and ongoing pressure.”

“This new threat is not about my testimony last June or about the renovation of the Federal Reserve buildings. It is not about the oversight role of Congress; the Fed, through testimony and other public disclosures, is making every effort to keep Congress informed about the stimulus project. Those are excuses,” Powell said. “The threat of criminal charges is the result of the Federal Reserve setting interest rates based on our best assessment of what will benefit the public, rather than following the president’s preferences.”

Many former Fed chairs and Treasury secretaries they also criticized the Trump administration’s investigationas there have been members of Congress from both parties.