Former Federal Reserve Chair Jerome Powell is now taking subtle shots at President Trump after his term ended late last month.
On Sunday, during an acceptance speech after being awarded the John F. Kennedy Profile in Courage Award in Boston, Powell said the U.S. government is one “of law, not of men,” and warned of the fragility of government institutions, which he said take patience and time to build, and yet can be quickly torn down.
Former Fed. Chair Jerome Powell accepts JFK Award, warns about abuse in political power: "As John Adams said, 'Ours is a government of law, and not of men." pic.twitter.com/IjU2A8rGck
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"As Americans, we are motivated by the belief that freedom and democracy greatly enhance human fulfillment. The work to preserve and strengthen our own democracy can be noisy, frustrating at times, and embattled. Partisan political differences are normal, indeed essential, in a thriving democracy," Powell said. "But we ought to be united in our commitment to the higher principles that define our nation. Chief among them is respect for the rule of law. As John Adams of Massachusetts wrote, as John Adams wrote, ours is a government of laws, not of men."
"Our public institutions carry us forward through change. These institutions embody our commitment to freedom, democracy, and service of the public good," he continued. "The philosopher Edmund Burke warned that democratic institutions take much time, effort, and patience to build, but can be torn down all too quickly."
"It is essential that we preserve what is good in our institutions, even as we strive to improve them," Powell added. "While we will have political differences, at the end of the day, we all love this wonderful country and want what is best for it and for all of our fellow Americans. And I'll close, as others have, with a line from President Kennedy's amazing January 20, 1961, inaugural address, the famous words, ask not what your country can do for you, ask what you can do for your country."
While the words are no different from other political speeches grounded in America’s founding principles, many interpreted his remarks as a dig at the president, who has made clear his displeasure with the former Federal Reserve Chair. The conflict between the president and Powell began as the Fed did not aggressively cut interest rates as President Trump wanted. The tensions further intensified as rumors circulated that Trump sought to remove him from his position and even launched a federal investigation into renovations planned at the central bank headquarters.
Powell then became the subject of greater controversy after he announced that he would remain on the Federal Reserve Board of Governors in an unusual move that is within his rights but hasn't been done since 1948.
Editor’s Note: Thanks to President Trump’s leadership and bold policies, America’s economy is back on track.
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