Bank Leaders Defend Fed Independence Following Federal Investigation Into Jerome Powell
Major bank CEOs voiced support for Federal Reserve independence after a criminal probe into Jerome Powell. They warned that political pressure risks inflation.
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The administration of Donald Trump donald trumphas opened a criminal investigation into Federal Reserve Chair Jerome Powell jerome powellfocused on the renovation of the central bank's headquarters. Following the news, executives from the nation's largest financial institutions publicly defended the independence of the Federal Reserve on January 13, 2026. Jerome Powellpreviously revealed that the Fed received subpoenas from the Justice Department and characterized the investigation as a pretext to secure presidential influence over interest rates.
During a recent conference call, Jamie Dimon jamie dimon, the CEO of JPMorgan Chase & Co. , stated that the independence of the central bank is absolutely critical for the economy. Jamie Dimonwarned that political interference would raise inflation expectations and probably increase interest rates over time. Jeremy Barnum jeremy barnum, the Chief Financial Officer of JPMorgan Chase & Co., noted that a loss of autonomy tends to lead to steeper yield curves and other damage to economic dynamism in the United States 
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