Powell Defends Fed Independence in JFK Profile in Courage Award Speech

Former Federal Reserve Chair Jerome Powell accepted the John F. Kennedy Profile in Courage Award on Sunday at the Kennedy Presidential Library in Boston. Powell described the Federal Reserve's independence as a "priceless asset" and said Congress had wisely insulated monetary policy from political influence.

He noted that all other advanced economies follow the same approach. " He warned that removing officials over policy disagreements would erode the credibility built over decades and open the door for future administrations to do the same. He also defended universities, courts, Congress and the Constitution, stating that the United States must maintain its integrity as the leader of freedom-seeking nations.

Powell stepped down as chair when his term expired in May and was succeeded by Kevin Warsh. He retained his seat on the Fed's governing board through January 2028, preventing an immediate additional appointment by the current administration. The administration has sought to remove Fed governor Lisa Cook, but Cook filed suit and courts have allowed her to remain in the seat.

Powell did not name any president during the speech but repeatedly stressed the need to protect institutions from political interference. Powell acknowledged that the Fed is "human and thus imperfect," noting that officials must admit mistakes and adjust course when they occur.

Inflation rose sharply during the pandemic supply disruptions, and many economists later argued that rate increases should have begun sooner.

The award also recognized residents of Minnesota's Twin Cities for actions during a federal immigration enforcement operation that resulted in thousands of arrests. "This didn't go to an elected leader for a reason. S.

Senator said.