BOSTON (AP) 鈥� Former Federal Reserve Chair 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鈥檚 independence.
Speaking at the John F. Kennedy Presidential Library overlooking Boston Harbor, Powell called universities, courts, Congress and the central bank 鈥渢he foundation and the embodiment of our democracy鈥� and argued that the Fed鈥檚 independence was a 鈥減riceless asset鈥� that must be protected.
It was one of his most direct defenses of Fed independence, warning that a single administration鈥檚 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 , 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鈥檚 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 , which would open an additional seat on the rate-setting committee the president could fill. Yet Cook sued and the courts have .
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.
鈥淟ike many other institutions, the Fed has been undergoing a stress test,” he said. 鈥淐ongress wisely chose to insulate monetary policy decisions from political pressure. All other advanced economy nations have done the same.鈥�
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 鈥渄espite years of personal attacks and threats from the highest levels of government.鈥�
Trump harshly criticized Powell throughout his tenure as chair, frequently attacking the Fed鈥檚 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.
鈥淭he United States has long been the leader of the world鈥檚 freedom-seeking people 鈥� the indispensable nation. Other countries know us as a nation built on integrity, and that integrity must be maintained,鈥� 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鈥檚 supply chain crunch. Many economists believe the central bank should have raised interest rates more quickly in response.
鈥淎t the Fed, we are, of course, human and thus imperfect,鈥� Powell said. 鈥淲hen we make mistakes, we acknowledge them and change course.鈥�
Powell was honored alongside residents of Minnesota鈥檚 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 both of whom were killed while observing or documenting enforcement activity.
鈥淚t鈥檚 wonderful just to be invited, honoring Ren茅e,鈥� Good鈥檚 father, Tim Granger, said as he entered the library with family members.
Kennedy鈥檚 only surviving child, Caroline Kennedy, and her son, Jack Schlossberg, said in a statement that without people like Powell and those in Minnesota 鈥渨illing to put their lives on the line to hold America to its promises, our democracy can鈥檛 survive.鈥�
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.
鈥淭his didn鈥檛 go to an elected leader for a reason,鈥� Klobuchar said. 鈥淚t鈥檚 because the people stood up. They stood up by marching 50,000 strong. They stood by bringing kids they didn鈥檛 even know 鈥� strangers鈥� kids 鈥� to school, by bringing them groceries and they didn鈥檛 blink. And that鈥檚 what this award is about. It鈥檚 about courage.鈥�
___
AP journalist Christopher Rugaber contributed from Washington.
Copyright © 2026 The Associated Press. All rights reserved. This material may not be published, broadcast, written or redistributed.
