US EditionFed Chair Powell lauds Volcker's 'willingness to resist'
Powell praised Volcker's resistance to political pressure while defending Federal Reserve independence during a DOJ probe linked to Fed headquarters renovations.
- In a taped video, Powell said 'His actions remind us that independence and integrity are inseparable; we need independence to do what is right, 'and we need integrity to use that independence wisely,' while accepting the Paul A. Volcker Public Integrity Award on March 21, 2026.
- Over the past year, Powell has faced political battles, with Trump repeatedly criticizing him and attempting to fire Fed officials, including Lisa Cook, now before the Supreme Court.
- In January the U.S. Department of Justice opened a criminal probe into Powell's handling of the Fed's Washington headquarters renovations, and on Wednesday Powell pledged not to leave until the probe is resolved.
- Powell's term runs until May 15, 2026, making timing central as a top Republican vows to hold Kevin Warsh’s confirmation while the DOJ probe remains open.
- Paul Volcker's early-1980s actions raised interest rates sharply, triggering a recession but restoring price stability, invoking tough choices over inflation and central-bank independence today.
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“His willingness to resist short-term pressures, in order to achieve a stable long-term price, demonstrated the courage and long-term perspective that define the public service based on principles,” Powell said
Fed Chair Powell lauds Volcker's 'willingness to resist'
Federal Reserve Chair Jerome Powell on Saturday lauded former Fed Chair Paul Volcker's "willingness to resist" political pressure as he fought inflation in the 1980s, remarks that have particular resonance as Powell presses his own defense of the Fed's independence amid the Trump administration's efforts to get him to lower rates.
Volcker ignored his critics and dramatically raised interest rates in the early 1980s.
Jerome Powell Honored With Paul Volcker Public Integrity Award at ASPA Annual Conference
TLDR: Jerome Powell received the Paul Volcker Public Integrity Award at the ASPA Annual Conference via video. Powell called Volcker the greatest public servant in economics, citing his non-partisan service under four presidents. Volcker held firm against political pressure in the 1980s, ultimately defeating double-digit inflation through high interest rates. Powell closed with a defining line: integrity is the foundation of every public servant…
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