Speaking while accepting the John F. Kennedy Profile in Courage Award in Boston, Powell said removing Federal Reserve officials over policy disagreements would set a dangerous precedent and weaken trust in the institution’s decision-making.

Powell’s remarks followed efforts by the Trump administration to challenge senior Fed officials, including Governor Lisa Cook. He stressed that the central bank’s credibility had been built over decades and must be protected.

Powell stepped down as Fed chair earlier this month and was succeeded by Kevin Warsh, but will remain on the Federal Reserve Board until 2028.