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Former U.S. Federal Reserve Chair Jerome Powell has issued a strong warning about the dangers of political interference in the Federal Reserve, while urging Americans to protect key democratic institutions. Powell made the remarks on Sunday during his acceptance speech for the prestigious John F. Kennedy Profile in Courage Award, marking his first public appearance since concluding his eight-year tenure as head of the U.S. central bank.
Speaking at the event, Powell emphasized that democratic institutions require years of dedication, patience, and effort to build but can be weakened or dismantled much more quickly. He stressed the importance of preserving institutions that have contributed to the United States’ stability and global leadership, including the Federal Reserve, the judicial system, and universities.
Powell noted that the Federal Reserve has recently faced significant pressure, describing the situation as a “stress test” for the central bank’s independence. During his tenure, President Donald Trump repeatedly criticized the Fed, called for Powell’s resignation, supported efforts to remove Fed Governor Lisa Cook, and backed investigations targeting Powell.
Although Powell’s term as Federal Reserve chair officially ended on May 15, 2026, he remains a member of the Fed’s Board of Governors. Kevin Warsh succeeded him as Fed chair on May 22. Powell indicated that his decision to stay on the board reflects concerns about ongoing challenges to the institution’s independence. His continued service also limits the administration’s ability to appoint another governor at this time.
Highlighting the importance of an independent central bank, Powell said the Fed’s structure was intentionally designed to allow monetary policy decisions to be made without political influence. He warned that removing Fed officials because of policy disagreements could set a dangerous precedent, undermining public confidence in the Federal Reserve’s ability to act in the best interests of all Americans.
The John F. Kennedy Library Foundation praised Powell for protecting one of the nation’s most important nonpartisan institutions despite facing substantial personal and professional pressures. This year’s award was also presented to the citizens of Minneapolis and St. Paul for their civic response to increased immigration enforcement activities in the Twin Cities region.
