Powell warns that politicizing the Fed would cost public trust

U.S. Federal Reserve Governor Jerome Powell ​warned about the impact of a politicized Fed and called for the defense ‌of democratic institutions.

U.S. Federal Reserve Governor Jerome Powell on Sunday ​warned about the impact of a politicized Fed and made a broader call for the defense ‌of democratic institutions in his first public remarks since the end of his eight-year stint as head of the central bank.

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“Democratic institutions take much time, effort, and patience to build but can be torn down all too quickly,” Powell said in remarks ​prepared for delivery as he accepted the John F. Kennedy Profile in Courage Award, given by ​the John F. Kennedy Library Foundation.

“It is essential that we preserve what is good about ⁠these institutions, even as we strive to improve them,” said Powell, who included the Fed along with the ​courts and universities as among the core institutions key to the country’s success and standing in the world.