Impaired independence of the Federal Reserve or impact on global currency swap agreements

On January 16th, according to the Financial Times, the US Department of Justice launched a criminal investigation into Federal Reserve Chairman Powell, raising concerns among global central banks about the damage to the Fed's independence. The currency swap agreement, as the core mechanism for the Federal Reserve to provide dollar liquidity to other central banks during times of crisis, has played an important role in the global financial crisis and pandemic. Last year, European officials discussed alternative solutions and analyzed that if the United States tied the swap agreement to geopolitical interests, the global crisis response capability may be affected.