Jerome Powell Defends Fed Independence at Kennedy Library Award

Fed independence under fire: Powell’s warning at Kennedy award ceremony

Former Fed chair Jerome Powell took the podium at the John F. Kennedy Presidential Library on Sunday, receiving the Profile in Courage award while delivering a stark reminder that Fed independence remains a “priceless asset” for American democracy.

He cited universities, courts, Congress and the central bank as “the foundation and embodiment of our democracy,” and warned that any attempt by a single administration to remove officials over policy disputes would erode the credibility built over decades.

“Like many other institutions, the Fed has been undergoing a stress test,” Powell said, adding that Congress wisely insulated monetary policy from political pressure.

Powell, whose term as chair ended in May, retained his seat on the Board of Governors until ↑ 2028, denying the Trump administration a chance to appoint another member. The former president has also pursued the dismissal of Governor Lisa Cook, a move currently blocked by the courts.

While never naming the ex‑president, Powell’s remarks echoed past Reuters reports of the administration’s hostility toward the central bank’s policy autonomy.

He also defended the broader institutional fabric: “The United States has long been the leader of the world’s freedom‑seeking people – the indispensable nation,” he declared, invoking the Constitution and the rule of law.

Powell acknowledged imperfections, noting that the Fed’s mandate for price stability was challenged during the pandemic supply‑chain shock, and that “when we make mistakes, we acknowledge them and change course.”

The ceremony also honored Minnesota residents who resisted a federal immigration crackdown, a reminder that civic courage often arises outside elected offices.

Sen. Amy Klobuchar observed that the award “didn’t go to an elected leader for a reason” – it celebrated ordinary people standing up for democratic promises.

Words by: Eleanor Cross

Chief Washington Correspondent