Jerome Powell Receives JFK Profile in Courage Award

Jerome Powell accepted the John F. Kennedy Profile in Courage Award on Sunday night and warned that the central bank’s independence was a “priceless asset” that must be defended. The former chairman dedicated most of his acceptance speech to the risks of political interference in democratic institutions.

Powell’s term as chairman ended last week. He remains a member of the board of governors while an internal investigation into renovations at the Fed’s headquarters continues. Kevin Warsh, selected by President Trump, replaced Powell as chairman.

President Trump appointed Powell to the chairman post during his first term. Since returning to the White House last year, the president has repeatedly criticized Powell and referred to him as “too late” for resisting deep rate cuts. Powell did not name the president in his remarks, but the comments followed efforts by the administration to fire Governor Lisa Cook and pressure the Fed to lower interest rates.

U.S. universities, research institutions, and other bodies must remain free from political interference. ” Powell acknowledged mistakes during his tenure. He said, “At the Fed, we are, of course, human and thus imperfect.

Many economists have argued that the central bank should have raised interest rates more quickly to address inflation during the COVID-19 pandemic. The John F. Kennedy Profile in Courage Award recognizes public servants who make decisions of conscience in the face of personal or professional consequences.

Residents of Minnesota’s Twin Cities also received the award on Sunday for protests against the Trump administration’s immigration crackdown. S. citizens, Renee Good and Alex Pretti, died during the protest.

Ms. Good’s father attended the ceremony.