<\/p>\n
Former Federal Reserve Chair Jerome Powell said the US central bank would lose the credibility that\u2019s required to support a strong and stable economy if any president were free to dismiss Fed officials over policy disagreements.<\/p>\n
\u201cIf any administration finds a way to remove Fed officials over policy differences, then future administrations will do so as well,\u201d Powell said in the text of remarks prepared for delivery Sunday in accepting the John F. Kennedy Profile in Courage Award at the JFK Presidential Library in Boston.<\/p>\n
In such a scenario, the public would lose faith that the Fed would make decisions based on what\u2019s best for all Americans, Powell said.<\/p>\n
\u201cThe Fed\u2019s credibility would be lost,\u201d he said. \u201cOur credibility has been built and sustained over many decades, and we have a duty to safeguard that priceless asset for our fellow citizens and for generations to come.\u201d<\/p>\n
Sunday\u2019s were Powell\u2019s first public comments since he was succeeded as head of the central bank by Kevin Warsh. Powell remains on the Fed\u2019s Board of Governors \u2014 a move he said in April was spurred by his concern about attacks on the central bank. His term as a governor doesn\u2019t expire until January 2028.<\/p>\n
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Powell\u2019s remarks come as the country\u2019s highest court is deliberating the fate of Fed Governor Lisa Cook, whom President Donald Trump has sought to fire over unproven mortgage fraud allegations. Cook has denied the charge. The question of whether she can remain at the central bank \u2014 while lower courts hear the case itself \u2014 is currently before the Supreme Court.<\/p>\n
Powell highlighted the \u201cstraightforward\u201d legal protections for the Fed, designed to insulate monetary policy from political interference. And while acknowledging the deep partisan divide in American politics, he urged Americans to unite in defense of \u201chigher principles that define our nation.\u201d<\/p>\n
\u201cChief among them is respect for the rule of law,\u201d he said.<\/p>\n
Powell exited the top job at the Fed earlier this month with a legacy in part defined by his defense of the central bank against relentless pressure from Trump and his allies aimed at securing lower interest rates. The efforts included personal verbal attacks, the move to fire Cook and a now-sidelined criminal investigation into building-cost overruns.<\/p>\n
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The dispute took a critical turn in Powell\u2019s favor after he publicly denounced the criminal investigation in January, prompting a wave of support, including from some figures in the Republican Party.<\/p>\n
While Powell\u2019s remarks represent another rebuke of the Trump administration, so too does his selection as a co-recipient of the annual award by the JFK Library Foundation. He was chosen, the foundation said in a statement, for his defense of the Fed\u2019s independence \u201cdespite years of personal attacks and threats from the highest levels of government.\u201d<\/p>\n
The foundation this year also honored the people of Minneapolis and St. Paul, Minnesota, \u201cfor risking their lives to protect their neighbors and immigrant community members from an unprecedented federal law enforcement operation.\u201d<\/p>\n
Past recipients of the Profile in Courage Award include former Presidents Barack Obama, George H.W. Bush and Gerald Ford; and former Vice President Mike Pence.<\/p>\n
\u00a9 2026 Bloomberg<\/p>\n
#Powell #Fed #credibility #lost #president #fire #officials<\/p>\n","protected":false},"excerpt":{"rendered":"
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