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…

The chiefs of many of the world's major central banks issued a joint statement in support of Federal Reserve chair Jerome Powell today, after the Trump administration threatened him with a ‍criminal indictment.

A raft of central bank chiefs issued a joint statement on Tuesday in support of Federal Reserve chair Jerome Powell, after the Trump administration threatened him with a criminal indictment.

The defense comes after Jerome Powell pushed back on what he described as pressure by the Trump administration to cut interest rates in the United States.

Eleven central banks have backed Jerome Powell after the US launched a criminal investigation into the US Fed.

Trump criticizes Powell's rate decisions, calls for cuts, and supports "old-fashioned" policies, with the Fed Chair race heating up.