Former Federal Reserve Chair Jerome Powell received the John F. Kennedy Profile in Courage Award on Sunday night, recognizing his efforts to uphold the independence of the central bank despite intense pressure from former President Donald Trump. The ceremony was held at the JFK Presidential Library and Museum in Dorchester, Massachusetts, where Powell emphasized the importance of maintaining the Federal Reserve’s credibility to ensure a stable economy.

Powell, who led the Fed from 2018 until May 2026, was praised for resisting Trump's repeated demands to lower interest rates to boost economic growth, as well as for rejecting calls to resign. Trump, who initially appointed Powell, grew increasingly critical of the Fed chair, at times resorting to public insults and considering his dismissal. However, Federal Reserve governors can only be removed for cause, restricting the president’s authority to influence monetary policy through personnel changes.

During his remarks, Powell highlighted the danger of allowing political considerations to affect central bank decisions, warning that doing so would erode public trust in the institution. “The Fed’s credibility would be lost,” he said, calling independence a “priceless asset” essential to supporting American families and businesses.

The award recognizes public servants who demonstrate courage by making decisions guided by conscience rather than political expediency. Powell’s selection was seen as atypical, as previous recipients have mainly been elected officials. Jack Schlossberg, a member of the award committee and son of Caroline Kennedy, underscored Powell’s dedication to the public interest during “not ordinary times.”

In addition to Powell, leaders from Minnesota’s Twin Cities were honored for their community response during heightened immigration enforcement under the Trump administration. Four local activists — Iman Yusuf Abdulle, Natalie Ehret, Carolina Ortiz, and Zena Stenvik — accepted the award on behalf of Minneapolis and Saint Paul residents. The recognition cited their peaceful defense of human rights and immigrants amid federal crackdowns that included the deaths of two American citizens, Renee Good and Alex Pretti, during protests in January.

Caroline Kennedy, honorary president of the JFK Library Foundation, praised the Twin Cities’ efforts alongside other communities such as Chicago and Portland for inspiring national resistance and prompting the federal government to withdraw certain enforcement actions. She also honored the memory of Good and Pretti, calling their sacrifice emblematic of the courage celebrated by the award.

The ceremony drew a crowd of over 700 attendees, prompting a move to a tent outside the library to accommodate demand. Among those present were Boston Mayor Michelle Wu, Senator Amy Klobuchar of Minnesota, and members of Renee Good’s family.

Powell’s tenure at the Fed was marked by cautious measures to counter inflation in the face of political challenges. After Biden reappointed him in 2022, Powell continued to navigate tension with Trump, who sought aggressively lower interest rates despite inflationary pressures linked to tariffs. The former president escalated his criticisms by attempting to exploit a separate issue involving the cost of renovating the Fed’s headquarters as justification for intervention.

Powell disclosed last month that the Justice Department is investigating whether he misled Congress about the renovation costs, a development underscoring the fraught environment surrounding his leadership.

Lisa Cook, a current Fed board member who faced politically charged allegations last year, also attended Sunday’s event. Her presence highlighted ongoing debates over the Federal Reserve’s independence amid partisan conflicts.

The John F. Kennedy Profile in Courage Award, established in 1989, continues to honor individuals and communities that demonstrate integrity and bravery in public service despite personal or political risk. Powell and the Twin Cities leaders join a roster of recipients celebrated for protecting democratic principles under pressure.