BOSTON — Former Federal Reserve Chair Jerome Powell used one of his first major public appearances since leaving office to defend independent institutions while accepting the John F. Kennedy Profile in Courage Award on May 31, 2026. The award, presented at the John F. Kennedy Presidential Library in Boston, recognized Powell for protecting the independence of the Federal Reserve "despite years of personal attacks and threats from the highest levels of government," according to the Kennedy Foundation’s March 2026 announcement.
"Universities, courts, Congress, and the central bank are the foundation and the embodiment of our democracy," Powell said during his speech. He argued that the Fed’s independence was a "priceless asset" that must be protected and warned 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 the Fed has spent decades building.
Although Powell never mentioned former President Donald Trump by name, his remarks came after years of public clashes with Trump, who harshly criticized Powell throughout his tenure and frequently attacked the Fed’s interest-rate decisions. Powell stepped down as chair in May 2026 when his term expired but retained his seat on the Fed’s governing board until January 2028, depriving the Trump administration of an appointment opportunity.
"Like many other institutions, the Fed has been undergoing a stress test," Powell said. "Congress wisely chose to insulate monetary policy decisions from political pressure. All other advanced economy nations have done the same." He added that the United States has long been seen globally as "the indispensable nation" built on integrity, which "must be maintained."
"At the Fed, we are, of course, human and thus imperfect," Powell said. "When we make mistakes, we acknowledge them and change course." The John F. Kennedy Profile in Courage Award has been given since 1989 to public servants who act on conscience despite personal or professional consequences. Past recipients include former Presidents Barack Obama and George H. W. Bush, Ukrainian President Volodymyr Zelenskyy, and former Vice President Mike Pence.