Federal Reserve Chair Jerome Powell Urges Students to Save Democracy and Protect Public Service

Federal Reserve Chair Jerome Powell called on students at a Princeton University pre-graduation ceremony to see the value in public service and to do whatever it takes to defend democracy. Powell's speech was a thinly veiled rebuke to President Donald Trump, who has often threatened to fire the Federal Reserve chairman for not lowering interest rates at a pace the president deems appropriate. Powell praised the nation's universities, stating they are the "envy of the world and a crucial national asset," while warning that higher learning institutions are under threat.

Key Takeaways:

• Powell urged students to take on the challenge and opportunity to serve their fellow citizens, saying "your integrity is all you have" and that they should "guard it carefully."
• The Federal Reserve chair reminded the students that they will want to be able to look in the mirror and know that they did what they thought was right, 50 years from now.
• Powell's speech came just days after the US Supreme Court signaled its protection of officials of the nation's central bank from Trump, even though the president has often threatened to fire Powell.
• The Trump administration has cut funding to Harvard University for refusing to acquiesce to the president's policy goals and ideological positions.
• Powell graduated from Princeton in 1975 with a degree in political science, which he joked was the "wrong degree" considering where he ended up.
• Trump has personally attacked Powell on several occasions, calling him a "fool" and a "major loser," and has threatened to fire him while also walking back his threats.

Statistics:

• 50 years: the time span in which students will want to be able to look in the mirror and know that they did what they thought was right.
• 13 years: the number of years Powell spent at the Federal Reserve, during which he admitted he was wrong not to major in economics.
• 1975: the year Powell graduated from Princeton with a degree in political science.

Sources:

• The New York Times (no specific date mentioned)
• Reuters (no specific date mentioned)
• Princeton University's website (no specific date mentioned)
• The Federal Reserve's website (no specific date mentioned)