Trust is priceless; the institutional firewall cannot be dismantled, or else who will trust the US dollar peg in the future.

Powell warned in his speech that dismissing Federal Reserve officials over policy disagreements would undermine the independence and credibility of the Federal Reserve, emphasizing the institutional safeguard that the executive branch does not interfere with the system where the 12 regional Federal Reserve bank presidents and the Federal Reserve Board members vote together, to prevent future governments from emulating such actions; he stated that the Federal Reserve's reputation is an invaluable asset that must be defended.