Powell issued a subtle and sharp warning: the independence of the Federal Reserve cannot be eroded, and the government cannot dismiss officials due to differences BlockBeats News: On June 1st, just a week after stepping down as Federal Reserve Chairman, Powell delivered a speech in Boston on Sunday evening while receiving the Kennedy family's "Political Courage Award", wrapping a highly abstract institutional discourse around an extremely specific warning. He explicitly pointed out that the survival of the Federal Reserve depends on a principle - no government can dismiss Federal Reserve officials due to policy differences. If a government finds a way to dismiss Federal Reserve officials due to policy differences, future governments will follow suit, "Powell emphasized. The credibility established by the Federal Reserve over decades is an" invaluable treasure, "and he and his colleagues" have a responsibility to protect it. The executive branch "does not play any role" in the selection and supervision of the 12 regional Federal Reserve chairpersons - these chairpersons vote together with the presidential appointed governors to determine interest rates. This statement implies his motivation to continue serving as a director after stepping down as chairman. The current Supreme Court of the United States is about to make a ruling on the case of Trump's attempt to dismiss Federal Reserve Governor Cook, which will be the first time in the Fed's 113 year history that a president has attempted to dismiss an incumbent governor on "justifiable grounds". At the same time, the position of Atlanta Fed Chair is vacant, and two more regional chairs (including the New York Fed Chair with permanent voting rights) will retire at retirement age within the next two years. The successor approved by the Federal Reserve Board will become a key point of contention for institutional independence. Powell quoted the famous quote of political philosopher Edmund Burke, calling for the protection of institutional legacies that are "carefully constructed but may be quickly dismantled" in continuous reform.