Jerome Powell, chairman of the U.S. Federal Reserve, during the Federal Reserve Board open meeting in Washington, D.C., on March 19, 2026.
On Saturday, Federal Reserve Chair Jerome Powell lauded the policy record of the late Fed Chair Paul Volcker, who raised interest rates and sparked a recession to tame the high inflation that took off during the 1970s.
In pre-recorded video remarks to the American Society for Public Administration's annual conference—which honored Powell with the Paul Volcker Public Integrity Award—the Fed chair credited his predecessor for acting with courage and integrity while in office.
"Paul Volcker set an example that all public servants should emulate. 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," Powell said. "Ultimately, each of us will want to look back at the arc of our lives and know that we did what was the right thing."
The Fed has come in for aggressive criticism since Donald Trump returned to the White House as the president assailed the central bank for not lowering interest rates fast enough. A Department of Justice investigation linked to the cost of renovating the Fed's headquarters has become the latest flash point between Powell and the White House. Powell said earlier in the week that he plans to stay at the central bank after his term as chair expires in May, at least until that investigation is complete.
In his Saturday remarks, Powell said Volcker set the standard for public policymakers to follow. "Despite political pressure and a painful recession, he held firm to his commitment to bring inflation down," Powell said. "His willingness to resist short-term pressures in the interest of achieving lasting price stability demonstrated the courage and long-term perspective that define principled public service."
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