Jerome Powell receives award amid tension with Trump administration

Outgoing Federal Reserve Chair Jerome Powell has received the Profile in Courage Award from the John F. Kennedy Library Foundation. During his acceptance speech, Powell defended the independence of the Federal Reserve against political pressures, specifically addressing ongoing friction with the Trump administration. President Donald Trump has repeatedly criticized Powell for his handling of interest rates and allegedly considered criminal charges against him related to Fed building renovations. The administration also attempted to remove Fed Governor Lisa Cook, citing allegations of mortgage fraud, a matter now pending before the U.S. Supreme Court. Powell warned that removing officials due to policy disagreements threatens the institution's credibility and public trust. While the investigation into Powell was eventually dropped to facilitate Senate confirmation of his successor, Kevin Warsh, political and legal scrutiny of the institution continues. Powell remains a governor at the Fed despite these challenges.