Powell defends Fed independence in JFK award speech

Former US Federal Reserve chair Jerome Powell used his acceptance speech at the John F. Kennedy Presidential Library to issue a stark warning about threats to independent institutions. Accepting an award for preserving the central bank's autonomy, Powell called universities, courts, Congress, and the Fed "the foundation and the embodiment of our democracy" and described the Fed's independence as a "priceless asset." He cautioned that removing bank officials over policy differences would erode decades of credibility. Powell stepped down as chair in May after eight years marked by clashes with Trump and was succeeded by Kevin Warsh. He retained his seat on the Fed's governing board until January 2028, blocking a Trump appointment. The Trump administration has also sought to fire governor Lisa Cook, who sued and retained her seat with court support.