TLDR:

• Jerome Powell received the Paul Volcker Public Integrity Award at the ASPA Annual Conference via video.
  
• Powell called Volcker the greatest public servant in economics, citing his non-partisan service under four presidents.
  
• Volcker held firm against political pressure in the 1980s, ultimately defeating double-digit inflation through high interest rates.
  
• Powell closed with a defining line: integrity is the foundation of every public servant’s lasting legacy and credibility.

Jerome Powell, Federal Reserve Chair, received the Paul Volcker Public Integrity Award at the ASPA Annual Conference.

Powell accepted the honor via a pre-recorded video, expressing deep gratitude for the recognition. He drew on Volcker’s legacy to reflect on core principles of public service.

His remarks centered on independence, integrity, and the courage to resist short-term pressures. The ceremony honored Powell’s commitment to non-partisan central banking leadership.

Powell Draws on Volcker’s Record of Non-Partisan Service

Jerome Powell described Paul Volcker as a towering figure in economics and central banking. He called Volcker “perhaps our greatest public servant in the economic arena.”

Volcker served at the Treasury under Presidents Kennedy, Johnson, and Nixon before leading the Federal Reserve. He chaired the Fed from 1979 to 1987, nominated by Carter and reappointed by Reagan.

Powell noted that non-political, non-partisan service forms the bedrock of the Federal Reserve. No one embodies that virtue more fully than Paul Volcker, he added.

Such service allows public institutions to earn lasting trust from leaders across both parties. Moreover, it gives those institutions the credibility needed to act in the broader public interest.

Volcker’s record of serving multiple presidents without compromising his principles stood out throughout Powell’s remarks.

That kind of commitment, Powell argued, defines what true public integrity means. It also shows how non-partisan dedication can produce results that outlast any single administration. Trust built steadily over time creates the space needed for bold and necessary decisions.

Powell further stated that “independence and integrity are inseparable.” He explained that public servants need independence to do what is right.

Integrity, in turn, ensures that independence is used wisely and not for personal gain. Together, these qualities define the standard Volcker set across his entire career.

Volcker’s Inflation Battle as a Lesson in Long-Term Leadership

Volcker’s defining test came during the double-digit inflation crisis of the early 1980s. Unemployment climbed above 9 percent, and critics loudly called for a change of course.

Yet Volcker held firm, committed to bringing inflation down through sustained high interest rates. His decision was painful in the short term but ultimately restored price stability.

Powell referenced a speech Volcker delivered at the Economic Club of Chicago on May 19, 1982. Speaking with unemployment above 9 percent, Volcker acknowledged “the pain of wringing out inflation through high interest rates.”

He also outlined the prospect of “a return to price stability, and with it a much brighter future.” That vision, Powell noted, ultimately proved correct.

Volcker’s resolve helped launch what economists now call the Great Moderation. This was a prolonged period of low inflation and steady, consistent economic growth.

Powell gave Volcker considerable credit for that outcome. Resisting short-term pressure, he argued, can yield lasting benefits for the broader economy.

Powell closed by quoting directly from his own acceptance remarks: “In the end, our integrity is all we have.” He framed Volcker’s career as the clearest living example of that principle.

Each public servant, he said, should look back and know they did the right thing. That standard, Powell argued, remains the truest measure of a life in public service.