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.

The U.S. Treasury Department said the redesigned notes, timed to coincide with the 250th anniversary of American independence, will replace the treasurer’s signature with that of Trump while retaining other statutory design elements.

The first $100 bills will bear the signatures of Trump and Treasury Secretary Scott Bessent, with broader circulation expected in the weeks following production.Break with long-standing conventionThe move ends an unbroken lineage dating to 1861, when U.S. federal currency was first issued with the treasurer’s signature.

Current and previously printed notes bearing the signatures of former Treasury Secretary Janet Yellen and former Treasurer Lynn Malerba will remain in circulation.Treasury officials said the redesign complies with existing statutes governing Federal Reserve notes, which allow flexibility in design changes for anti-counterfeiting purposes while mandating specific elements such as inscriptions and limiting portrait subjects to deceased individuals

The signature change aligns with broader efforts by the Trump administration to associate the president’s name with national institutions and commemorative initiatives. A federal arts panel recently approved a design for a gold coin bearing Trump’s image, though existing law prohibits the depiction of living individuals on circulating U.S. coinage.

In a statement, Bessent described the initiative as appropriate for the semiquincentennial, citing what he called strong economic performance during Trump’s second term. Brandon Beach, the current U.S. treasurer whose signature has not appeared on currency, also expressed support.

Treasury officials said no other major visual changes are planned for the notes beyond the signature adjustment. Production of the new currency will begin in June, with distribution through the banking system expected to follow gradually.

Malerba declined to comment on the change. Jovita Carranza, who served as treasurer during Trump’s first term, said the move reflected continuity in economic policy and national identity.