FRANKFURT, Germany (AP) — Central bankers from around the world said Tuesday they “stand in full solidarity” with U.S. Federal Reserve Chair Jerome Powell, after President Donald Trump dramatically escalated his confrontation with the Fed with the Justice Department investigating and threatening criminal charges.
Powell “has served with integrity, focused on his mandate and an unwavering commitment to the public interest," read the statement signed by nine national central bank heads including European Central Bank President Christine Lagarde and Bank of England Governor Andrew Bailey.
They added that “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."
The dispute is ostensibly about Powell’s testimony to Congress in June over the cost of a massive renovation of Fed buildings. But in a statement Sunday, Powell, abandoning his previous attempt to ignore Trump’s relentless criticism, called the administration’s threat of criminal charges “pretexts’’ in the president’s campaign to seize control of U.S. interest rate policy from the Fed’s technocrats.
Trump has repeatedly criticized Powell and the Fed for not moving faster to cut rates. Economists warn that a politicized Fed that caves in to the president’s demands will damage its credibility as an inflation fighter and likely lead investors to demand higher rates before investing in U.S. Treasurys.
Fed actions have impacts around the world due to the U.S. dollar's role as the leading currency for trade transactions and central bank reserves. Fed interest rate changes can affect the dollar's exchange rate against other currencies and the value of foreign investors′ U.S. assets.
Politically independent central banks have become a cornerstone of the global economy because they can more easily take steps to fight inflation, such as rate hikes, that are unpopular in the short term but preserve price stability over the longer term.
Other signatories of the statement carried on the ECB's website were Erik Thedeen, governor of Sweden's central bank; Christian Kettel Thomsen, chair of Denmark's central bank; Swiss National Bank Chair Martin Schlegel; Michele Bullock, governor of the Reserve Bank of Australia; Tiff Macklem, governor of the Bank of Canada; Bank of Korea Governor Chang Yong Rhee; and Gabriel Galipolo, governor of the Banco Central do Brasil.
Also attaching their names were François Villeroy de Galhau, board chair of the Bank for International Settlements, and Pablo Hernández de Cos, BIS general manager. The BIS is an international organization of central banks based in Basel, Switzerland.
One prominent central bank not included in the statement was the Bank of Japan. The statement said that more signatures could be added later. Bank of Japan officials could not immediately be reached for comment.
A video of Federal Reserve Chair Jerome Powell plays on a screen on the floor of the New York Stock Exchange, Monday, Jan. 12, 2026. (AP Photo/Richard Drew)
WASHINGTON (AP) — President Donald Trump’s White House ballroom won final approval from a key agency on Thursday, despite a federal judge recently ordering a halt to construction unless Congress allows what would be the biggest structural change to the American landmark in more than 70 years.
The 12-member National Capital Planning Commission, the agency tasked with approving construction on federal property in the Washington region, took the vote because U.S. District Judge Richard Leon’s ruling — which came two days earlier — affects construction activities but not the planning process, said the commission's Trump-appointed chair, Will Scharf.
A vote of 8-1, with two commissioners voting present and one absent, allowed the plan to move forward.
Despite the agency’s approval, the judge’s ruling and a legal fight over the ballroom could stall progress on a legacy project that Trump is racing to see completed before the end of his term in early 2029. It’s among a series of changes the Republican president is planning for the nation’s capital to leave his lasting imprint while he’s still in office.
Before the vote, Scharf, a top White House aide, noted that Leon's order has been stayed for two weeks as the administration seeks an appeal. He said, as he understood the decision, it “really does not impact our action here today.”
Reading from notes, Scharf also delivered an impassioned defense of the project that reviewed the full history of changes and additions to the White House that were criticized when they were made but have become beloved with the passage of time. He spoke about the addition of the north and south porticos and the balcony added by President Harry Truman.
Scharf suggested that Trump’s proposed ballroom will similarly come to be viewed as a wise addition — despite drawing contemporary opposition from some members of the public and government officials.
“I believe that in time this ballroom will be considered every bit as much of a national treasure as the other key components of the White House,” Scharf said.
Scharf also said the project has been viewed negatively because of opposition to Trump, instead of the merits, saying, “I feel that we’ve been unfairly slighted in the press and otherwise for the way we’ve gone about reviewing this particular project.”
The vote by the commission, which includes three members Trump gets to appoint, had initially been scheduled for March but was postponed to Thursday because so many people signed up to comment at the commission’s meeting last month. The comments were overwhelmingly in opposition to the ballroom.
The lone “no” vote was cast by Phil Mendelson, a Democrat who chairs the Council of the District of Columbia. Linda Argo and Arrington Dixon, the two commissioners appointed by Mayor Muriel Bowser, a Democrat, voted present.
Mendelson criticized the design of the ballroom addition and how fast it was approved.
“It’s just too large,” he said.
Criticism also came from Public Citizen, a nonprofit consumer advocacy organization. One of its attorneys, Jon Golinger, said the commission had discounted opposition from city officials and thousands of people who commented against the project, and ignored the judge's ruling. Several commissioners, including Scharf, had said they took the public feedback seriously.
“This approval is illegitimate and this vote is a joke," Golinger said.
Trump, in a statement after the vote, thanked the commissioners and said he was honored.
“When completed, it will be the Greatest and Most Beautiful Ballroom of its kind anywhere in the World, and a fabulous complement to our Beautiful and Storied White House!” the president said on social media.
Before voting, the commission considered design changes to the 90,000-square-foot (8,400-square-meter) ballroom addition that the president announced aboard Air Force One on Sunday, as he flew back to Washington from a weekend at his Florida home.
He removed a large staircase on the south side of the building and added an uncovered porch to the southwest side. Architects and other critics of the project had panned the staircase as too large and basically useless since there was no way to enter the ballroom at the top.
A White House official said the president had considered comments from the National Capital Planning Commission and another oversight entity, the U.S. Commission of Fine Arts, which approved the project earlier this year, as well as members of the public.
The official, who was not authorized to publicly discuss the ballroom design and spoke on the condition of anonymity, said additional “refinements” had been made to the exterior.
The ballroom, now estimated to cost $400 million, has expanded in scope and price tag since Trump first announced the project last summer, citing a need for space other than a tent on the lawn to host important guests. Trump demolished the East Wing in October with little warning, and site preparation and underground work have been underway since then.
Two other Trump-appointed commissioners, Stuart Levenbach and James Blair, voted for the project.
Levenbach, who serves as vice chairman and is the federal government’s chief statistician, said the White House is currently “not suited” to accommodate large numbers of guests and the addition will improve the “utility” of the compound.
He said tunnels and other structures underground at the White House made it impossible to place many features of the ballroom there, too, as some have suggested might be possible. Levenbach said the addition is a “multipurpose facility,” noting that, in addition to a ballroom, it will also have offices for the first lady, kitchen space and a theater.
“This is not an expansion for its own sake,” Levenbach said.
Blair, a deputy to White House chief of staff Susie Wiles, said visitors and guests of the president deserve a “better experience."
Scharf and Blair also said Trump will get “very limited use” of the ballroom before his term ends.
Trump went ahead with the project before seeking input from the National Capital Planning Commission and the Commission of Fine Arts, which he reconstituted with allies and supporters.
The National Trust for Historic Preservation, a private nonprofit organization, sued after Trump demolished the East Wing last fall to build the ballroom addition — a space nearly twice as big as the mansion itself.
Trump says it will be paid for with donations from wealthy people and corporations, including him, though public dollars are paying for underground bunkers and security upgrades.
The trust sought a temporary halt to construction until Trump presented the project to both commissions and Congress for approval. Leon agreed but said that his order would take effect in two weeks and that construction related to security would be allowed.
President Donald Trump answers questions from reporters after signing an executive order in the Oval Office of the White House Tuesday, March 31, 2026, in Washington. (AP Photo/Alex Brandon)
Work continues on the construction of the ballroom at the White House in Washington, Wednesday, April 1, 2026. (AP Photo/Allison Robbert)
President Donald Trump holds a rendering of the proposed new East Wing of the White House as he speaks to reporters aboard Air Force One en route from West Palm Beach, Fla., to Joint Base Andrews, Md., Sunday, March 29, 2026. (AP Photo/Mark Schiefelbein)
Work continues on the construction of the ballroom at the White House in Washington, Wednesday, April 1, 2026. (AP Photo/Allison Robbert)
President Donald Trump holds a rendering of the proposed new East Wing of the White House as he speaks to reporters aboard Air Force One en route from West Palm Beach, Fla., to Joint Base Andrews, Md., Sunday, March 29, 2026. (AP Photo/Mark Schiefelbein)
