BOSTON (AP) — At the John F. Kennedy Presidential Library overlooking Boston Harbor, former Federal Reserve Chair Jerome Powell delivered a strong defense of institutional independence during one of his first major public speeches since departing his leadership role.
While receiving an award Sunday recognizing his commitment to maintaining the central bank’s autonomy, Powell described universities, courts, Congress and the Federal Reserve as “the foundation and the embodiment of our democracy.” He characterized the Fed’s independence as a “priceless asset” requiring protection.
The speech represented one of Powell’s most forceful arguments for Fed independence, cautioning that allowing a single administration to dismiss bank officials due to policy disagreements would establish a precedent for future elected leaders, potentially eroding the institution’s credibility built over decades.
Powell, whose eight-year tenure as chair included frequent conflicts with Trump, departed when his term concluded in May. Kevin Warsh, Trump’s choice to head the central bank, has taken over leadership.
In an uncommon move after leaving the chair position, Powell retained his position on the Fed’s governing board, where he serves until January 2028. This decision prevents the Trump administration from naming another board member to that position.
The Trump administration has attempted to dismiss Fed governor Lisa Cook, which would create another opening on the rate-setting committee for presidential appointment. However, Cook filed a lawsuit and courts have maintained her position thus far.
Though Powell avoided mentioning Trump specifically during Sunday’s remarks, he consistently emphasized protecting institutions from political interference and maintaining public confidence in their independence.
“Like many other institutions, the Fed has been undergoing a stress test,” he stated. “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, established in 1989, honors public servants who demonstrate what the foundation calls courageous conscience-driven decisions despite facing personal or professional risks.
Past honorees include former Presidents Barack Obama and George H. W. Bush, Ukrainian President Volodymyr Zelenskyy and former Vice President Mike Pence.
The foundation announced in March that Powell would receive recognition for safeguarding Federal Reserve independence “despite years of personal attacks and threats from the highest levels of government.”
During his time as chair, Trump consistently criticized Powell, regularly condemning the Fed’s interest-rate policies and pushing the central bank toward more aggressive rate reductions.
Powell’s defense extended beyond the Federal Reserve to encompass U.S. universities and research institutions, the Constitution, Congress and the judicial system.
“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,” he declared.
During his address, Powell subtly recognized errors during his leadership. While the Fed is legally mandated to pursue price stability, inflation climbed significantly during pandemic-related supply chain disruptions. Many economists argue the central bank should have implemented rate increases more rapidly in response.
“At the Fed, we are, of course, human and thus imperfect,” Powell acknowledged. “When we make mistakes, we acknowledge them and change course.”
Powell shared the honor with Minnesota Twin Cities residents, who earned recognition from the Kennedy Foundation for courageous actions during a federal immigration enforcement operation that resulted in thousands of arrests and the deaths of Minneapolis mother Renée Good and nurse Alex Pretti, both killed while observing or documenting enforcement activities.
“It’s wonderful just to be invited, honoring Renée,” said Tim Granger, Good’s father, as he arrived at the library with family members.
Caroline Kennedy, the president’s sole surviving child, and her son Jack Schlossberg, issued a statement declaring that without individuals like Powell and the Minnesota residents “willing to put their lives on the line to hold America to its promises, our democracy can’t survive.”
U.S. Sen. Amy Klobuchar, who attended the ceremony and is seeking Minnesota’s governorship next year, noted the award’s uniqueness in recognizing ordinary citizens rather than elected officials.
“This didn’t go to an elected leader for a reason,” Klobuchar observed. “It’s because the people stood up. They stood up by marching 50,000 strong. They stood 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.”
