Jerome Powell uses JFK award speech to warn against political pressure on Fed, courts and schools

Source: AP

Former Federal Reserve Chair Jerome Powell used one of his first major public appearances since leaving office to defend independent institutions while accepting an award Sunday honoring his efforts to preserve the central bank’s independence.

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.

Powell, who frequently clashed with Trump during his eight years as chair, stepped down as his term expired in May. He was succeeded by Kevin Warsh, whom Trump selected to lead the central bank.

Read more: https://apnews.com/article/jfk-award-jerome-powell-minnesota-8f65dc22c3603ee72a3fb294a0602d50