BOSTON – Former Federal Reserve Chair Jerome Powell used one of his first major public appearances since leaving office to defend independent institutions while accepting an award Sunday honoring his efforts to preserve the central bank’s independence.
Speaking at the John F. Kennedy Presidential Library overlooking Boston Harbor, Powell called universities, courts, Congress, and the central bank “the foundation and the embodiment of our democracy,” emphasizing that the Fed’s independence is a “priceless asset” that must be protected.
In his remarks, Powell issued a strong warning against the potential erosion of this independence. He argued that if a single administration were allowed to remove bank officials over policy disagreements, it would set a dangerous precedent. Such actions could ultimately undermine the credibility that the Federal Reserve has built over decades.
Powell, who had contentious interactions with former President Trump during his eight-year tenure, stepped down as Chair in May. He was succeeded by Kevin Warsh, a Trump appointee. Notably, Powell opted to retain his position on the Fed’s governing board, which he is set to hold until January 2028. This decision effectively prevented the Trump administration from appointing another board member during his term.
The Trump administration has also attempted to remove Fed governor Lisa Cook, which would create another vacancy on the rate-setting committee. However, Cook successfully challenged her dismissal in court, allowing her to retain her position.
While Powell did not mention Trump by name during the ceremony, he repeatedly underscored the importance of safeguarding institutions from political pressure, highlighting the need to preserve public trust in their independence. He stated, “Like many other institutions, the Fed has been undergoing a stress test. Congress wisely chose to insulate monetary policy decisions from political pressure. All other advanced economy nations have done the same.”
The John F. Kennedy Profile in Courage Award has recognized public servants for making courageous decisions of conscience since 1989. Previous honorees include former Presidents Barack Obama and George H. W. Bush, Ukrainian President Volodymyr Zelenskyy, and former Vice President Mike Pence. Powell was honored for protecting the independence of the Federal Reserve “despite years of personal attacks and threats from the highest levels of government.”
Throughout his tenure, Trump frequently criticized Powell, attacking the Fed’s interest-rate decisions and urging the central bank to cut borrowing costs more aggressively. Beyond the Federal Reserve, Powell also defended U.S. universities, research institutions, the Constitution, Congress, and the court system. He emphasized, “The United States has long been the leader of the world’s freedom-seeking people — the indispensable nation. Other countries know us as a nation built on integrity, and that integrity must be maintained.”
In his remarks, Powell indirectly acknowledged that mistakes were made during his tenure as chair, particularly in managing inflation during the pandemic-induced supply chain crisis. Many economists believe the Federal Reserve should have raised interest rates more quickly in response to the surge in inflation. “At the Fed, we are, of course, human and thus imperfect,” Powell admitted. “When we make mistakes, we acknowledge them and change course.”
Powell received the award alongside residents from Minnesota’s Twin Cities, who were recognized for their courage during a federal immigration crackdown that led to numerous arrests and the tragic deaths of two individuals, Renée Good and nurse Alex Pretti, during enforcement activities. Tim Granger, Good’s father, expressed gratitude for the recognition, stating, “It’s wonderful just to be invited, honoring Renée.”
Caroline Kennedy, the only surviving child of President Kennedy, along with her son Jack Schlossberg, remarked that without individuals like Powell and the residents of Minnesota “willing to put their lives on the line to hold America to its promises, our democracy can’t survive.”
Attending the event, U.S. Senator Amy Klobuchar, who is running for governor of Minnesota next year, noted the significance of the award being given to everyday citizens rather than elected officials. “This didn’t go to an elected leader for a reason,” Klobuchar highlighted. “It’s because the people stood up. They stood up by marching 50,000 strong, by bringing kids they didn’t even know — strangers’ kids — to school, by bringing them groceries and they didn’t blink. And that’s what this award is about. It’s about courage.”
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AP journalist Christopher Rugaber contributed from Washington.
