Episode Details

Former Fed Chair Jerome Powell delivered a powerful defense of central bank independence, calling it a “priceless asset” vital to democracy and warning that allowing presidents to remove Fed officials over policy disputes would erode trust and open the door to dangerous political meddling. Speaking at an awards ceremony, Powell recalled his tense tenure under Trump, who frequently criticized his decisions, and noted that while he’s stepped down, he still serves on the board until 2028 — preventing immediate political replacement. He also referenced the legal battle to keep Fed Governor Lisa Cook in place, underscoring the need to shield institutions from political pressure. Acknowledging past mistakes — especially during the pandemic inflation surge — Powell emphasized accountability and correction. He shared the stage with others honored for standing up to political pressure, reinforcing the broader message: principled resistance is essential for preserving institutional integrity.

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