Former U.S. Federal Reserve (Fed) Chair Jerome Powell warned, "If the executive branch were able to dismiss Fed officials over policy disagreements, the existence of the central bank could be threatened."

According to the Wall Street Journal (WSJ), former Chair Powell pointed out at an event in Boston, "If the executive branch finds a way to dismiss Fed officials based on differences in policy views, subsequent administrations will take the same actions." He went on to emphasize, "The Fed's credibility, built up over decades, is a very precious asset, and we have an obligation to protect it."

These remarks are the first public comments made by former Chair Powell since he stepped down as Fed chair a week ago.