Speaking at the John F. Kennedy Presidential Library overlooking Boston Harbor, Powell called universities, courts, Congress and the central bank “the foundation and the embodiment of our democracy” and argued that the Fed’s independence was a “priceless asset” that must be protected.
It was one of his most direct defenses of Fed independence, warning that a single administration’s decision to remove bank officials over policy differences would open the way for future elected officials to follow suit, ultimately undermining the credibility that the Fed has spent decades building.
After stepping down as chair, Powell took the unusual step of keeping his seat on the Fed’s governing board, which he has until January 2028. By doing so, he has deprived the Trump administration of an opportunity to appoint another member of the board.
While Powell never mentioned Trump by name Sunday, he repeatedly returned to the importance of protecting institutions from political pressure and preserving public trust in their independence.
“Like many other institutions, the Fed has been undergoing a stress test,” he said. “Congress wisely chose to insulate monetary policy decisions from political pressure. All other advanced economy nations have done the same.”
Since 1989, the John F. Kennedy Profile in Courage Award has recognized public servants who make what the foundation describes as courageous decisions of conscience despite personal or professional consequences.
Previous recipients include former Presidents Barack Obama and George H. W. Bush, Ukrainian President Volodymyr Zelenskyy and former Vice President Mike Pence.
In March, the foundation said it was awarding Powell for protecting the independence of the Federal Reserve “despite years of personal attacks and threats from the highest levels of government.”
Trump harshly criticized Powell throughout his tenure as chair, frequently attacking the Fed’s interest-rate decisions and urging the central bank to cut borrowing costs more aggressively.
“The United States has long been the leader of the world’s freedom-seeking people — the indispensable nation. Other countries know us as a nation built on integrity, and that integrity must be maintained,” he said.
In his remarks, Powell indirectly acknowledged mistakes as chair. The Fed is legally required to seek stable prices, but inflation surged amid the pandemic’s supply chain crunch. Many economists believe the central bank should have raised interest rates more quickly in response.
“At the Fed, we are, of course, human and thus imperfect,” Powell said. “When we make mistakes, we acknowledge them and change course.”
“It’s wonderful just to be invited, honoring Renée,” Good’s father, Tim Granger, said as he entered the library with family members.
Kennedy’s only surviving child, Caroline Kennedy, and her son, Jack Schlossberg, said in a statement that without people like Powell and those in Minnesota “willing to put their lives on the line to hold America to its promises, our democracy can’t survive.”
Attendee U.S. Sen. Amy Klobuchar, who is running for governor of Minnesota next year, reflected that 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 the people stood up. They stood up by marching 50,000 strong. They stood by bringing kids they didn’t even know — strangers’ kids — to school, by bringing them groceries and they didn’t blink. And that’s what this award is about. It’s about courage.”
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AP journalist Christopher Rugaber contributed from Washington.
