Federal Reserve Speeches·May 31, 2026, 8:30 PM ET

Powell, Acceptance Remarks

The speaker honors President Kennedy as an inspiring public servant who demonstrated compassion, grace, ingenuity, and courage during the difficult period following his assassination in November 1963.
The United States is described as the indispensable nation built on integrity, freedom, and a promise of equality that has resisted authoritarianism for 80 years.
Domestic institutions including universities, the Constitution, and the Federal Reserve are identified as the foundation of American democracy.
The Federal Reserve was established in 1913 to provide economic stability, promote maximum employment, regulate banks, and act as a crisis responder.
The Fed deployed emergency liquidity tools during the Global Financial Crisis and the COVID-19 pandemic, enabling the U.S. economy to outperform comparable nations during those events.
The Fed's career staff is credited as an extraordinary group of public servants who helped achieve positive economic outcomes during the twin crises.
Monetary policy decisions are made based on economic analysis without regard for political party fortunes, despite operating under high uncertainty.
Federal Reserve governors and Reserve Bank presidents hold legal protections against removal to insulate monetary policy from political pressure and election cycles.
Administrations have no role in selecting or overseeing Reserve Bank presidents, and any attempt to remove officials over policy differences would destroy the Fed's credibility.
The speaker emphasizes that while partisan differences are essential to democracy, the rule of law remains a higher principle that all Americans must respect.
Democratic institutions require significant time and effort to build but can be destroyed quickly, necessitating a commitment to preserving them.
The speech concludes with a call to action based on President Kennedy's quote to ask what individuals can do for their country rather than what the country can do for them.