PANews reported on January 16th, citing the Financial Times, that the US Department of Justice's criminal investigation into Federal Reserve Chairman Jerome Powell has sparked concerns among global central banks about the cascading risks to the Fed's independence. This not only concerns the direction of US monetary policy but also directly threatens a key crisis tool of the global financial system—currency swap agreements. Swap agreements are the core mechanism by which the Fed provides dollar liquidity to other central banks during crises, playing a vital role as a "financial lifeline" from the global financial crisis to the pandemic. However, the Trump administration's pressure on central banks has raised concerns that such tools may be politicized. Last year, European officials discussed alternative solutions, reflecting global vigilance against the potential weaponization of dollar liquidity dependence. Analysts point out that if the US ties swap agreements to geopolitical interests, global crisis response capabilities will face severe challenges.