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Federal Reserve Chairman Jay Powell called on students to protect democracy, celebrating American universities as “a key national asset” just days after the Trump administration escalated its attack on higher education.
“We are leading the world in so many ways, including scientific innovation and economic dynamism,” the US central banker told students in a launch speech in Princeton on Sunday. “Our great universities are the world’s vy hopes and important national assets.”
This week, the Trump administration banned Harvard University from registering international students. This is the latest attack on the perceived Ivy League against leftist indoctrination and anti-Semitism. The student visa was revoked and the university requested that the university hand over information about which students participated in the protest.
While praising American universities, Powell himself was attacked by the US president, urged Princeton alumni to “not take this for granted.”
“Looking back in 50 years, we’ll want to know that we’ve done anything necessary to maintain and strengthen our democracy, and bring the founder’s timeless ideals closer to us,” the Fed chair said.
The Harvard bar, which places the future of more than 6,500 international students in Limbo, was temporarily blocked by a US District Court judge on Friday.
The administration also cut funding for US higher education institutions, leading European countries such as France, providing academics to leading scholars currently based in the US.
Ivy League College, which includes Harvard University, Princeton and six other universities, regularly holds top global rankings.
Powell called for risks to take the class of 2025, to consider public services and to “carefully” adhere to its integrity.
“Fifth decades from now, you’ll want to look in the mirror and know that you’ve done what you thought was right in every part of your life,” the Fed chair said.
“After all, your integrity is everything you have.”
Powell was appointed by Trump during his first term, but is now being attacked by the president for not cutting interest rates quickly enough.
The US president named him “too late” and “the major loser” after the Fed put interest rates on hold at 4.25-4.5% this year.
Powell and other Fed officials say interest rates cannot be reduced until it is clear that the president’s world trade war will not cause another wave of sustained US inflation.
Kevin Hassett, director of Trump’s National Economic Council, last month showed that the administration would “continue to study” how to fire Powell before his term ends next year. Since then, Trump has said he has “no intention” to fire the Fed’s chair.
Powell, who intends to serve his full term, said he believes that he is “not permitted under the law” to fire him for differences in monetary policy opinion.
An opinion issued earlier this week by the Supreme Court showed that nine top US judges believe they have no right to interfere in federal independence in order to set monetary policy by firing members of the central bank’s pricing committee.
