Jerome Powell Defends Fed Independence in JFK Award Speech

Former Federal Reserve Chair Jerome Powell used one of his first major public appearances since leaving office to defend the independence of public institutions while accepting an award honoring his efforts to preserve the Federal Reserve’s autonomy, Leah Willingham reported for The Associated Press (AP).

Powell frequently clashed with President Donald Trump over calls for lower interest rates during his tenure. (Photo: Federalreserve Flickr)

Speaking at the John F. Kennedy Presidential Library overlooking Boston Harbor, Powell described universities, courts, Congress, and the central bank as “the foundation and the embodiment of our democracy.”

He argued that the Federal Reserve’s independence is a “priceless asset” that must be protected, warning that removing central bank officials over policy disagreements could create a dangerous precedent for future administrations.

Powell frequently clashed with President Donald Trump over calls for lower interest rates during his tenure. He consistently defended the Fed’s independence, arguing that monetary policy decisions should remain insulated from political pressure.

Powell stepped down after his term expired in May and was succeeded by Kevin Warsh.