[ "BOSTON – Former Federal Reserve Chair Jerome Powell made a high‑profile public appearance at the John F. Kennedy Presidential Library this Sunday, using the occasion to defend the independence of key American institutions while accepting the Kennedy Foundation’s Profile in Courage Award for his efforts to preserve the Fed’s autonomy.", "Standing at a balcony that overlooks Boston Harbor, Powell spoke about the role of universities, courts, Congress and the central bank as “the foundation and the embodiment of our democracy.” He warned that a single administration’s decision to remove Fed officials over policy differences could open the way for future elected officials to follow suit, ultimately eroding the credibility the Fed has built in decades.", "The award comes after Powell’s eight‑year tenure as Fed chair – a period marked by strong clashes with President Trump, who repeatedly urged the central bank to cut borrowing costs more aggressively. Trump chose Kevin Warsh as Powell’s successor, a move that the former chair was careful to thwart by retaining his seat on the Fed’s governing board, a seat that will expire in January 2028.", "Powell also highlighted the Trump administration’s attempts to fire Associate Fed Governor Lisa Cook, a move that would have opened an additional seat on the Federal Open Market Committee. Legal action by Cook and the courts have so far allowed her to keep her seat, demonstrating the resilience of independent institutions.", "In his remarks, Powell spoke without naming Trump but returned repeatedly to the importance of protecting institutions from political pressure. He said, Like many other institutions, the Fed has been undergoing a stress test. Congress wisely chose to insulate monetary policy decisions from political pressure. All other advanced‑economy nations have done the same.", "He admitted that the Fed’s legal mandate to pursue stable prices was challenged by an inflation surge during the pandemic’s supply‑chain crunch, and that the central bank should have raised interest rates more quickly. At the Fed, we are, of course, human and thus imperfect, Powell told reporters. When we make mistakes, we acknowledge them and change course.", "The Kennedy Foundation’s award, announced in March, recognises public servants who take courageous decisions despite personal or professional consequences.” Past recipients include Presidents Barack Obama, George H. W. Bush, Ukrainian President Volodymyr Zelenskyy and former Vice‑President Mike Pence.", "At the ceremony, Powell accepted the award alongside residents of Minnesota’s Twin Cities, who were honoured for their courageous actions during a federal immigration crackdown that led to arrests and the deaths of two local activists. They were acknowledged for standing up for communities and for protecting the nation’s values.", "It’s wonderful just to be invited, honoring Renée, said the mother of Renée Good, one of the victims. Without people like Powell and those who pour their lives into holding America to its promises, our democracy cannot survive, said Caroline Kennedy.", "Senator Amy Klobuchar, who is running for Minnesota governor, noted that the award was unexpected because it recognised ordinary residents rather than elected officials. This didn’t go to an elected leader for a reason, she said. It’s because people stood up, marched 50,000 strong and brought support to children who didn’t even know them – that is what this award is about. It’s about courage.", "Powell’s speech and the approval of the award underscored the interdependence of American institutions and the need to shield them from political overreach. As the Fed’s influence on the economy remains fundamental, Powell’s legacy points to the necessity of institutional independence for democratic stability." ]