March 21 (Reuters) - Federal Reserve Chairman Jerome Powell on Saturday praised former Fed Chairman Paul Volcker's "willingness" to "resist" political pressure while fighting inflation in the 1980s, remarks that resonate particularly as Powell insists on defending the Fed's independence amid the Trump administration's efforts to get it to cut interest rates.

Volcker ignored his critics and raised interest rates significantly in the early 1980s, which led to an economic recession, but also restored price stability to the American economy.

“His actions remind us that independence and integrity are inseparable,” Powell said in a recorded video message while accepting the Paul A. Volker Award for Public Integrity. “We need independence to do the right thing, and we need integrity to use that independence wisely.”

Over the past year, Powell has fought his own political battles over the independence of the Federal Reserve, as Trump repeatedly criticized him for not easing monetary policy and threatened to try to oust him.

Trump tried to fire Federal Reserve board member Lisa Cook over allegations of mortgage fraud, a move Cook is resisting in a case currently before the Supreme Court.

In January, the Justice Department opened a criminal investigation into Powell's handling of renovation work at the Federal Reserve headquarters in Washington, a development Powell says is an attempt to intimidate him into adopting a policy that pleases the president.

Powell pledged on Wednesday not to leave the central bank until the investigation is concluded, thwarting Trump's hopes of soon replacing him with a Fed chair more supportive of his demands for lower interest rates. Federal Reserve chairmen typically resign at the end of their terms, as is the case with Powell, whose term ends on May 15.