Federal Reserve Board Chair Jerome H. Powell delivered pre-recorded acceptance remarks at the American Society for Public Administration’s Paul A. Volcker Public Integrity Award ceremony, using the occasion to reflect on Paul Volcker’s legacy and the Federal Reserve’s non-partisan public service tradition. Powell highlighted Volcker’s career in government and as Federal Reserve Chair from 1979 to 1987, focusing on his decision to maintain a restrictive policy stance to bring down double-digit inflation in the early 1980s despite political pressure and recession. Referencing Volcker’s May 19, 1982, speech at the Economic Club of Chicago, he pointed to the lesson that lasting price stability can require resisting short-term pressures, and argued that central bank independence and personal integrity are inseparable.
Federal Reserve Board 2026-03-21
Federal Reserve Board Chair Powell accepts the Paul Volcker Public Integrity Award and stresses the link between independence and integrity
Federal Reserve Board Chair Jerome H. Powell delivered remarks at the American Society for Public Administration’s Paul A. Volcker Public Integrity Award ceremony, reflecting on Volcker’s legacy and the Federal Reserve’s non-partisan service. Powell emphasized Volcker's commitment to maintaining restrictive policies to combat inflation in the early 1980s, highlighting the importance of central bank independence and integrity.