Powell Receives JFK Courage Award, Defends Fed Independence After Tense Transition

U.S. government to exert greater political pressure on the central bank will damage public confidence in its independence. Powell made the remarks while accepting the John F. Kennedy Profile in Courage Award in Boston on May 31, 2026. He noted that the central bank, along with other institutions such as the courts and universities, is facing a political stress test.

Powell highlighted the White House's push for his resignation, a Department of Justice criminal investigation into his time as chair, and attempts to fire Fed Governor Lisa Cook.

Headquarters. The investigation was dropped in April. Powell said the probe stemmed 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. " Powell added that democratic institutions take much time, effort, and patience to build but can be torn down all too quickly. He said it is essential to preserve what is good about these institutions even as efforts continue to improve them.

Powell's time as Fed chair concluded on May 15. He continues to serve as a Fed governor. His successor, Kevin Warsh, was sworn in on May 22.