finance
Powell Receives JFK Profile in Courage Award
Jerome Powell said attempts to remove officials over policy differences would erode public trust. He spoke while accepting an award days after leaving the chair post.
Jun 1, 12:51 AM·1m read2 sources
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Former Federal Reserve Chair Jerome Powell accepted the John F. Kennedy Profile in Courage Award in Boston on May 31, 2026. Powell used the occasion to warn that political pressure on the central bank would damage public confidence in its independence.
” He cited the White House’s push for his resignation, a Department of Justice criminal investigation into his tenure as chair, and attempts to fire Fed Governor Lisa Cook. The investigation was dropped in April. Powell stated that the probe arose from frustration with the Fed’s refusal to cut interest rates at the pace and volume sought by the administration.
“If any administration finds a way to remove Fed officials over policy differences, then future administrations will do so as well,” Powell said. He added that democratic institutions “take much time, effort, and patience to build but can be torn down all too quickly.” Powell said it is essential to “preserve what is good about these institutions even as efforts continue to improve them.”
Powell’s term as Fed chair ended on May 15. He continues to serve as a Fed governor. His successor, Kevin Warsh, was sworn in on May 22.
