As Powell is attacked, Wall Street big bank CEOs emphasize the independence of the Federal Reserve.

As tensions between US President Donald Trump and Federal Reserve Chairman Jerome Powell continue to escalate, some top executives on Wall Street are emphasizing the importance of the central bank maintaining its independence. Brian Moynihan, CEO of Bank of America, and David Solomon of Goldman Sachs have joined JPMorgan Chase CEO Jamie Dimon in highlighting the necessity for the Fed to have autonomy. Moynihan said in an interview with Bloomberg TV on Wednesday that independence was the Fed's original design. Jane Fraser, CEO of Citigroup, stated in a declaration, "The independence of the Fed brings credibility. This is crucial for the smooth operation of the US capital markets and the country's competitiveness." Dimon said on Tuesday that it is "absolutely critical" for the Fed to maintain its independence, not only during Powell's tenure but also for any future successors. He mentioned in JPMorgan's second-quarter earnings call that interfering with the Fed "often has negative consequences." Solomon, CEO of Goldman Sachs, said in an interview that the independence of the Fed, particularly in monetary policy, is "extremely important." "I believe that central bank independence benefits us not only in the US but also around the world," he said on Wednesday. "We should strive to maintain this independence." Moynihan of Bank of America stated that the President also has the power to nominate the next Fed chairman through Congress. He emphasized that any successor must address the issue of interest rates. "The Fed is an independent institution that should not be subject to control by the executive branch and Congress," he said. "They will be held accountable, supervised, and reviewed. In fact, the Fed was originally established to be independent."