Profiles in Constitutional Courage and Cowardice
Edition #4
Editor’s note: At moments when democratic institutions are under strain, the choices of individuals and organizations reveal the true strength of the American rule of law. Some summon the courage to uphold constitutional values in the face of pressure or threats. Others, fearing retaliation or seeking short-term gain, choose complicity and silence.
Issue One’s monthly series, Profiles in Constitutional Courage and Cowardice, seeks to document both. Inspired by generations of Americans who met the test of democracy with conscience and conviction, this series highlights civic bravery — public officials, business leaders, and institutions that refuse to bow to intimidation — and contrasts it with instances of capitulation and complicity that erode the norms and guardrails of a free society.
Our democratic rule of law is not guaranteed. It depends on people willing to defend it when power is abused and to model the kind of integrity our system requires to survive. It requires us to stand up for each other and to band together in the face of unlawfulness.
These profiles are a reminder that courage is contagious, but so too is cowardice. What we choose makes all the difference.
Courage Profile: Federal Reserve Chair Jerome Powell
“Public service sometimes requires standing firm in the face of threats.” With those words, Federal Reserve Chair Jerome Powell framed one of the most serious challenges to the independence of a core American institution in modern history. The independence of the Federal Reserve (Fed) is under attack, and how the powerful respond tells us everything about who will defend our economy and democracy – and who won’t.
This month, we spotlight the courage of Powell, who has stood firm in the face of intimidation and the threat of a criminal investigation, and contrast it with the cowardice of most big banks, which have remained silent as political pressure mounts against the nation’s most critical financial institution.
What happened: On January 11, the Department of Justice (DOJ) opened a criminal investigation into Jerome Powell, alleging a misuse of funds amid ongoing renovation of the Fed’s headquarters in Washington, D.C. After months of public pressure and verbal attacks from President Trump, the aim was clear: influence monetary policy to lower interest rates. The DOJ’s probe has dramatically escalated concerns about political interference with the Fed’s independence.
Instead of bending to political pressure, Powell stood firm, issuing a response that steadfastly defended the Fed’s independence. He framed the DOJ action as a pretext for political interference and vowed to continue fulfilling the role the Senate confirmed him for. As Powell put it in his statement, “This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions — or whether instead monetary policy will be directed by political pressure or intimidation.”
Why it matters: The Federal Reserve’s independence is a crucial guardrail that keeps our country’s monetary policy anchored in objective expertise and long-term stability, rather than short-term political winds. Around the world, countries that protect independent central banks are better at avoiding high inflation, economic chaos, and the loss of public trust that often follows when politicians take control of monetary policy.
Pressuring an independent agency with the threat of prosecution for doing its job is straight from the authoritarian playbook. These tactics have been used in countries such as Argentina, Iran, Turkey, Venezuela, and Zimbabwe, where political pressure and control of the central bank have triggered runaway inflation and economic instability. In Turkey, President Recep Tayyip Erdoğan pressured the central bank to cut interest rates despite rising inflation, triggering a currency collapse that destabilized the economy and left many households struggling with skyrocketing prices.
Several prominent Republican members of Congress have also spoken out against the DOJ investigation and broader pressure campaign on Powell. As Senator Lisa Murkowski (R-AK) put it: “it’s clear the administration’s investigation is nothing more than an attempt at coercion.” Senator Thom Tillis (R-NC) went further, saying “If there were any remaining doubt whether advisers within the Trump Administration are actively pushing to end the independence of the Federal Reserve, there should now be none… I will oppose the confirmation of any nominee for the Fed—including the upcoming Fed Chair vacancy—until this legal matter is fully resolved.”
The Federal Reserve’s independence isn’t just about economics. It’s about protecting the independence of all agencies. Attacks like this don’t just threaten the Fed; they weaken the guardrails that protect our democracy. And, as seen in the example of Turkey, when those guardrails crack, everyday people pay the price – through higher prices, higher mortgage and credit card rates, more market volatility that puts retirement savings at risk, and a shakier economy that hits jobs, wages, and small businesses first.
Powell’s stand to defend institutional independence, despite the threat of a criminal investigation, is a courageous act that protects both our economy and our democracy.
Coward Profile: Most Big Banks
As attacks on the Federal Reserve have escalated, most major banks have looked the other way. In staying silent, they have abandoned one of the most important guardrails of our economy and democracy. Their refusal to speak up isn’t just caution; it is complicity. That silence leaves the Fed more vulnerable to political pressure that ultimately harms everyday Americans, and, in time, the financial institutions that depend on a stable, credible central bank.
What happened: As political pressure has mounted on the Federal Reserve — a central institution tasked with safeguarding price stability and economic trust — America’s largest banks have been presented with an imperative to defend a core pillar of our economic and constitutional system. Unfortunately, most big banks have stayed silent, declining to publicly make clear why political interference in monetary policy threatens markets, investors, and the broader economy.
However, two major banks have bucked this trend. JPMorgan Chase CEO Jamie Dimon and Bank of New York Mellon (BNY) CEO Robin Vince publicly defended the principle of Fed independence following the DOJ’s announcement of the investigation. Dimon noted that “Anything that chips away at [the Fed’s independence] is not a good idea… It’ll increase inflation expectations and probably increase rates over time.” That stance has taken on greater weight in light of President Trump’s lawsuit against Dimon this week. This bravery in the face of political risk matters, because defending independent institutions isn’t just good economics — it’s an act of civic courage.
Why it matters: By remaining quiet, most major banks risk creating dangerous precedent where our country’s political leaders can pressure independent agencies, even the Federal Reserve, without fear of pushback from the financial institutions that depend on their stability.
Many banks have chosen silence because speaking out carries real risks, from antagonizing powerful political actors to drawing scrutiny on their own operations. Some may hope to avoid controversy or protect short-term business interests, even as those same interests depend on a stable, independent Fed. Instead, many business leaders have suggested they are better positioned to raise concerns through back-channel conversations with the administration. But private assurances leave the public in the dark, creating the appearance that these attacks have gone unanswered – or worse, that they are acceptable or normal.
Private conversations are no substitute for public accountability. When powerful banks decline to speak out openly, they weaken the public defense of independent governance and embolden further political interference.
Independent agencies like the Fed are designed to keep politics from dictating economic policy. When our most powerful financial institutions refuse to speak up against attacks on the Fed, they shake confidence not just in markets, but in the underlying rules that keep our economy and democracy stable. That loss of confidence doesn’t stay on Wall Street — it shows up in higher costs, more economic uncertainty, and fewer opportunities for everyday Americans.