Outgoing US Federal Reserve chair Jerome Powell has defended the need for the central bank to maintain independence and credibility, as it comes under assault from President Donald Trump.
Powell, who stepped down as chair at the end of his term earlier this month, received the John F. Kennedy Profile In Courage Award for protecting the independence of the Federal Reserve.
He warned that if any administration finds a way to remove Fed officials over policy differences, future administrations will do so as well, and the public would lose faith that the central bank will make decisions based only on what's best for all Americans.
Powell's comments come as Trump has frequently criticized and insulted him, alleging he was too slow to lower interest rates, and sought to remove Fed Governor Lisa Cook over mortgage fraud allegations.
The Supreme Court is due to rule on the legality of the move, which could have significant implications for the Fed's independence.
