Former Federal Reserve Chairman Jerome Powell took a subtle dig at President Donald Trump on Sunday as he accepted the John F. Kennedy “Profiles in Courage” award, according to a new report.
Axios reported that Powell said the central bank is under a “stress test” and that the institution’s credibility is at stake. Powell’s remarks are the first he’s made since stepping down as the Federal Reserve Chairman on May 15.
“Congress wisely chose to insulate monetary policy decisions from political pressure,” Powell said, according to the report. “These protections have served the public well, and administrations from both parties have respected them.”
“If any administration finds a way to remove Fed officials over policy differences, then future administrations will do so as well. The public would lose faith that the central bank will make decisions based only on what’s best for all Americans,” he added.
Trump and Powell had a contentious relationship during the second Trump administration. Trump tried to fire Powell because the former chairman did not want to reduce interest rates as Trump desired.
The president also tried to embarrass Powell on live television during a trip to the central bank, a confrontation that ended with Powell fact-checking Trump to his face.
“What the public has every right to expect is that we will make our decisions based only on our best economic analysis of what would most benefit the people we serve,” Powell said.
“We do not take into account the fortunes of any political party or politician in making those decisions,” he added.
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