Fed Chair Jerome Powell Urges Princeton, Harvard Grads to Protect US Democracy

Federal Reserve Chair Jerome Powell delivered a commencement speech at Princeton University urging the class of 2025 to do "whatever it takes to preserve and strengthen our democracy," emphasizing the importance of public service and the integrity of American universities amid political attacks. Powell defended the Fed's aggressive response to the COVID-19 pandemic, including cutting interest rates to near zero and launching asset purchases to stabilize the economy. He praised career government employees who managed crises and highlighted the unique independence of the Federal Reserve system, which recent Supreme Court rulings appear to protect from political interference by President Donald Trump. Powell also condemned the Trump administration's targeting of elite universities, such as barring Harvard from enrolling international students and pressuring colleges over protests, framing these actions as part of broader political tensions. He described universities as a "crucial national asset" vital to scientific innovation and economic dynamism, urging graduates to protect these institutions and democracy itself. Powell's remarks come amid ongoing criticism from Trump, who has repeatedly attacked Powell over Fed policy decisions.