**Jerome Powell receives Kennedy Foundation honor for defending Federal Reserve independence** In a ceremony held on Sunday at the John F. Kennedy Presidential Library in Boston, former Federal Reserve Chair Jerome Powell was awarded the Kennedy Foundation’s *Profile in Courage* prize. The accolade recognizes his steadfast protection of the Fed’s autonomy amid repeated attempts by the Trump administration to erode that independence. During his acceptance speech, Powell reminded listeners that the Fed, alongside universities, courts, Congress and the Constitution, “represents the foundation and embodiment of our democracy.” He stressed how Congress’s decision to insulate monetary policy from direct political pressure is vital and has been adopted by other advanced economies. The former chair did not name President Trump, but he repeatedly referred to the political pressure that sought to force the Fed to cut rates more aggressively. Powell also addressed the broader importance of keeping public institutions free from partisan influence, saying, “The United States has long been the leader of the world’s freedom‑seeking people, and that integrity must be maintained.” Powell’s remarks acknowledged mistakes in the pandemic‑era inflation surge when the Fed’s rate hikes were less aggressive than many economists expected. “At the Fed, we are human and thus imperfect,” he said. “When we make mistakes, we acknowledge them and change course.” The award was shared with residents of Minneapolis – activists who boycotted a federal immigration raid that led to the deaths of mother Renée Good and nurse Alex Pretti. The Kennedy Foundation’s statement emphasized that courage in civil society keeps the democratic system alive, echoing a broader theme in Powell’s defense of institutional independence. Senator Amy Klobuchar, who will run for governor of Minnesota next year, highlighted the uniqueness of the award, noting that it recognizes ordinary citizens—not elected officials—who stood up for democratic values. "