Jerome Powell, who stepped down as Chairman of the Federal Reserve at the end of May, delivered a speech in defense of the regulator's independence at the Kennedy Library Awards ceremony, where he received an award "for safeguarding the independence of the Federal Reserve System."
If any administration manages to find a way to remove Fed officials due to political disagreements, future administrations will do the same. Society will lose faith in the idea that the central bank makes decisions solely in the best interests of all Americans.
During his second term, Trump repeatedly criticized Powell; the Department of Justice brought criminal charges against him in connection with the renovation of the Federal Reserve building (later dropped); and it also attempted to remove Board Member Lael Brainard. The legality of the latter move is currently being reviewed by the Supreme Court.
Powell will remain on the Board of Governors until his term expires in 2028.