Jerome Powell advises Princeton graduates to appreciate their universities and emphasizes that ‘integrity is all we have—guard it carefully’
‘integrity is all we have—guard it carefully’
On Sunday, the chairman of the Federal Reserve delivered a commencement speech at Princeton, encouraging the graduating students to think about public service. He emphasized that American universities are "the envy of the world and a vital national asset." This statement comes in light of President Donald Trump's threats to cut federal funding for leading U.S. colleges.
Jerome Powell, the Federal Reserve Chairman, urged the graduates of Princeton to consider a career in public service, while also stressing the importance of safeguarding democracy and reminding them that U.S. universities should not be taken for granted.
During his commencement address, he reflected on his own career journey, which included working at the Treasury Department and eventually at the central bank, even though he admitted that he once thought economics was a "boring and useless" field.
"I strongly encourage you to make time for public service in your careers," Powell stated. "Since the establishment of this great democracy 250 years ago, each generation has taken on the responsibility and honor of bringing us closer to the ideal that all individuals are created equal. Now it’s your turn."
While such calls to action are common in commencement speeches, they come at a time when President Trump’s administration has reduced the federal workforce, even affecting nuclear weapons experts who had to be rehired.
It’s important to note that Powell has been cautious about addressing issues beyond monetary policy, particularly political topics, as is customary for Fed officials.
Powell also highlighted that the U.S. excels in many areas, including scientific innovation and economic vitality. This is not by chance.
"Our outstanding universities are the envy of the world and a crucial national asset," he remarked. "Take a look around you, and I urge you not to take any of this for granted. When you reflect back in 50 years, you will want to know that you did everything possible to protect and enhance our democracy and bring us closer to the timeless ideals of the Founders."
He didn’t bring up Trump or his attempts to threaten federal funding for leading U.S. universities. However, Powell’s speech comes just days after the administration intensified its campaign against Harvard.
On Thursday, the Department of Homeland Security took away Harvard’s ability to enroll international students, which could seriously harm the school’s chances of attracting top talent.
A federal judge blocked this order on Friday, but the relief is only temporary, and the government’s threat still hangs over Harvard and U.S. higher education as a whole.
At the same time, Trump has also tried to pressure Powell, without success, to lower interest rates despite ongoing inflation issues. Trump has thrown personal insults as well, even stating on social media that “Powell’s termination cannot come fast enough!”
Powell has stated he wouldn’t resign if Trump asked him to and insisted that Trump can’t fire him. The president ruled that out earlier this month, mentioning that he will soon have the opportunity to nominate a replacement anyway.
While speaking at Princeton on Sunday, Powell defended the Fed’s actions during the COVID-19 pandemic and concluded his speech 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 continued. “At the end of the day, our integrity is all we have—guard it carefully.