- The Federal Reserve chairman gave a commence address at Princeton on Sunday and urged graduating students to consider public service. He also told them that American universities are “the envy of the world and a crucial national asset.” That comes as President Donald Trump has threatened to take away federal funding from top U.S. Colleges.
Federal Reserve Chairman Jerome Powell urged Princeton graduates to consider public service, while also calling on them to preserve democracy and reminding them that U.S. Universities shouldn’t be taken for granted.
In a commencement address on Sunday, he recalled his own career path, which included the Treasury Department and eventually the central bank, despite admitting that he once dismissed economics as a “boring and useless” subject.
“I strongly urge you to find time in your careers for public service,” Powell said. “Since the founding of this great democracy 250 years ago, generation upon generation have assumed the burden and the honor of moving us closer to the ideal that all are created equal. Now it’s your turn.”
While such exhortations are often standard fare in commencement speeches, it comes as President Donald Trump’s administration has slashed the federal workforce, even nuclear weapons experts who had to be hired back.
To be sure, Powell has been careful not to respond to issues outside of monetary policy, especially on political matters, as Fed officials have traditionally done.
Powell also pointed out that the U.S. Leads the world in many ways, including in scientific innovation and economic dynamism. That’s no accident.
“Our great universities are the envy of the world and a crucial national asset,” he said. “Look around you, and I urge you to take none of this for granted. When you look back in 50 years, you will want to know that you’ve done whatever it takes to preserve and strengthen our democracy and bring us ever closer to the Founders’ timeless ideals.”
He didn’t mention Trump or his efforts to threaten federal funding for top U.S. Universities. But Powell’s speech comes days after the administration sharply escalated its campaign against Harvard.
On Thursday, the Department of Homeland Security revoked Harvard’s ability to enroll international students, threatening to deal a crippling blow to the school’s ability to attract top talent.
A federal judge blocked the order on Friday, but the relief is only temporary, and the government’s threat still looms over Harvard and U.S. Higher education overall.
Meanwhile, Trump has also pressured Powell, unsuccessfully, to lower interest rates despite lingering inflationary pressures. Trump has lobbed personal insults as well, and even said on social media that “Powell’s termination cannot come fast enough!”
Powell has said he wouldn’t resign if Trump asked and maintained that Trump can’t fire him. The president ruled that out earlier this month, noting that he will get a chance to nominate a replacement soon anyway.
While speaking at Princeton on Sunday, Powell defended the Fed’s response to the COVID-19 pandemic and ended his address by saying “your life matters not just to you, but to the people who love you.”
“Fifty years from now you’ll want to be able to look in the mirror and know that you did what you thought was right in every part of your life,” he added. “At the end of the day, our integrity is all we have—guard it carefully.”
The Fed didn’t immediately respond to a request for comment.