BOSTON — Former Federal Reserve Chairman Jerome Powell He used his first major public appearance since leaving office to defend independent institutions as he accepted an award on Sunday honoring his efforts to preserve the independence of the central bank.
Speaking at the John F. Kennedy Presidential Library overlooking Boston Harbor, Powell called the universities, the courts, Congress and the central bank “the foundation and embodiment of our democracy” and said the Fed’s independence was “invaluable assets” that must be protected.
It was one of his most direct defenses of the Fed’s independence, warning that any decision by one administration to fire bank officials over policy differences would open the way for future elected officials to follow suit, ultimately undermining the credibility the Fed has spent decades building.
Powell, who repeatedly clashed with Trump during his eight years as president, resigned as his term expired in May. He succeeded him Kevin WarshWho was Trump’s choice to lead the central bank?
After stepping down from office, Powell assumed the presidency An unusual move to keep his seat On the Fed’s board of directors, which he will hold until January 2028. In doing so, he denied the Trump administration the opportunity to appoint another member to the board.
The Trump administration also sought to do so Fed Governor Lisa Cook firedwhich would open up an additional seat on the rate-setting committee that the president could fill. However, Cook sued, and the courts did For now let her keep her seat.
While Powell never mentioned Trump by name on Sunday, he repeatedly returned to the importance of protecting institutions from political pressure and maintaining public confidence in their independence.
“Like many other institutions, the Fed was undergoing a stress test,” he said. “Congress has wisely chosen to insulate monetary policy decisions from political pressures. All other advanced economies have done the same.”
Since 1989, the John F. Kennedy Profile in Courage Award has honored public servants who make what the institution calls conscientious decisions of courage despite personal or professional consequences.
Previous winners include former Presidents Barack Obama and George H.W. Bush, Ukrainian President Volodymyr Zelensky, and former Vice President Mike Pence.
In March, the foundation said it awarded Powell an award for protecting the Fed’s independence “despite years of personal attacks and threats from the highest levels of government.”
Trump has been highly critical of Powell throughout his presidency, often attacking the Fed’s interest rate decisions and urging the central bank to lower borrowing costs more aggressively.
Beyond the Federal Reserve, Powell has defended America’s universities and research institutions, the Constitution, Congress, and the court system.
“The United States has long been the leader of the world’s people who seek freedom — the indispensable nation,” he said. “Other nations know us as a nation built on integrity, and that integrity must be maintained.”
In his statements, Powell indirectly acknowledged the mistakes he made as president. The Fed is legally obligated to seek stable prices, but inflation has risen amid the supply chain crisis caused by the pandemic. Many economists believe the central bank should have raised interest rates more quickly in response.
“At the Fed, of course we are human and therefore imperfect,” Powell said. “When we make mistakes, we acknowledge them and change course.”
Powell was honored alongside residents of the Twin Cities in Minnesota, who received the award for what the Kennedy Foundation called acts of bravery during the war. Federal immigration campaign Which led to thousands of arrests and deaths in Minneapolis Mother Renee Judd and nurse Alex PrettyBoth were killed while observing or documenting law enforcement activity.
“It’s great just to be invited, to honor Renee,” said Tim Granger, Judd’s father, as he entered the library with family members.
Caroline Kennedy, the Kennedy’s only surviving daughter, and her son, Jack Schlossberg, said in a statement that without people like Powell and those who live in Minnesota “willing to put their lives on the line to hold America to its promises, our democracy cannot survive.”
U.S. Sen. Amy Klobuchar, who is running for governor of Minnesota next year, said the award was unusual because it recognized ordinary residents rather than elected officials.
“This didn’t go to an elected leader for a reason,” Klobuchar said. “It’s because people stood up. They stood up by a march of 50,000 people. They stood up by bringing kids they didn’t even know — kids of strangers — to school, by bringing them groceries and they didn’t bat an eyelid. And that’s what this award is about. It’s about courage.”
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AP journalist Christopher Rugaber contributed from Washington.