Jerome Powell defends Fed independence and democratic institutions in Profile in Courage Award speech

Summary

Former Federal Reserve Chair Jerome Powell, in one of his first major public appearances since leaving office, delivered a broad defense of independent institutions while accepting the John F. Kennedy Profile in Courage Award in Boston. He described the Federal Reserve's independence as a "priceless asset" that must be protected, and argued that universities, courts, Congress and the central bank are "the foundation and the embodiment of our democracy." Powell, who frequently clashed with former President Donald Trump during his eight years leading the Fed, warned against political interference in monetary policy. The award also honored Minnesota residents for their actions during a federal immigration crackdown.