Jerome Powell uses JFK award speech to warn against political pressure
on Fed, courts and schools
[June 01, 2026] By
LEAH WILLINGHAM
BOSTON (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.
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.
The Trump administration has also sought to fire Fed governor Lisa Cook,
which would open an additional seat on the rate-setting committee the
president could fill. Yet Cook sued and the courts have so far let her
keep her seat.
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.
Beyond the Federal Reserve, Powell defended U.S. universities and
research institutions, the Constitution, Congress and the court system.
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Federal Reserve Board Governor Jerome Powell, the former Federal
Reserve chair, center, stands with former ambassador Caroline
Kennedy, right, and her son Jack Schlossberg, as Powell's wife
Elissa Leonard takes a picture at left, while being honored with the
Profile in Courage Award at the John F. Kennedy Presidential
Library, Sunday, May 31, 2026, in Boston. (AP Photo/Charles Krupa)
 “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.”
Powell was honored alongside residents of Minnesota’s Twin Cities,
who received the award for what the Kennedy Foundation described as
acts of courage during a federal immigration crackdown that led to
thousands of arrests and the deaths of Minneapolis mother Renée Good
and nurse Alex Pretti, both of whom were killed while observing or
documenting enforcement activity.
“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.
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