In his first appearance since stepping down as Federal Reserve chair, Fed governor Jerome Powell used his remarks at the John F. Kennedy Profile in Courage award ceremony on Sunday to oppose President Donald Trump’s attempts to take control of the central bank.
“Like many other institutions, the Fed has been undergoing a stress test,” Powell said. During Trump’s second term in office, the administration has launched a criminal investigation into Powell’s handling of the renovation of the Fed’s historic headquarters building in Washington, D.C. Trump has also attempted to fire Fed governor Lisa Cook over allegations she mishandled mortgage applications prior to her time at the central bank.
Powell said political interference could damage the Fed’s standing and erode the public’s trust and jeopardize the central bank’s mission to ensure price stability and maximum employment.