CEOs of top Wall Street banks JPMorgan Chase and BNY on Tuesday in the US. voiced support for the Federal Reserve’s independence, days after the Trump administration opened a criminal investigation into Fed Chair Jerome Powell.

The administration’s investigation into Powell drew condemnation and criticism of the former Fed chief from key members of the Republican Party this week.

“Everybody we know believes in Fed independence,” JPMorgan CEO Jamie Dimon told reporters on a conference call. “This is probably not a great idea and, in my view, it will have the opposite effect of raising inflation expectations and possibly raising rates over time.”

Dimon, one of the most influential figures in corporate America, said last year that the Fed’s independence was “absolutely critical.”

BNY CEO Robin Vince also warned on Tuesday of the negative consequences of eroding the Fed’s independence.

“Independent central banks with the ability to set monetary policy independently in the long-term interest of the nation is a very well-established thing that we’ve seen around the world in a very long time,” Vince told reporters on a call.

“Let’s not shake the foundation of the bond market and potentially do something that could actually cause interest rates to move because somehow there’s a lack of confidence in the independence of the Fed,” Vince said.

Powell revealed late Sunday that the Fed had received a subpoena from the US Justice Department, which he called a “pretext” to win presidential influence over interest rates. The US administration’s criminal investigation is formally about the renovation of the Fed’s headquarters.

Central bankers worry that political influence on the Fed will undermine confidence in the bank’s commitment to its inflation target, fueling higher inflation risks and volatility in global financial markets.

“The Fed’s loss of independence leads to a steeper yield curve and other harm to ongoing economic dynamics,” JPMorgan’s finance chief, Jeremy Barnum, said on a call with reporters. “The big question is the damage to American economic prospects and, frankly, to global economic stability.”

Trump has called for the Fed to slash rates after he resumes office in 2025, blaming his policies for stalling the economy and publicly considering firing Powell, despite legal protections that apparently prevent the Fed chair from being removed.

While Powell’s term as chairman ends in May, he has the right to remain on the Fed board until January 31, 2028, denying the president another Fed appointment who would otherwise be Trump’s fourth on the seven-member board until the end of his term.