Federal Reserve Chair Urges Students to Protect Democracy Amid Trump Attacks on Higher Education

Federal Reserve chair Jay Powell has become a target of President Trump's criticism, but in a recent commencement address at Princeton University, Powell rallied against the administration's attacks on higher education, praising American universities as "crucial national assets" that have led the world in scientific innovation and economic dynamism. Powell's address came on the heels of the Trump administration's decision to bar Harvard University from enrolling international students, a move that has been temporarily blocked by a US district court judge.

Key Takeaways:

• Powell praised American universities as "crucial national assets" that have led the world in scientific innovation and economic dynamism.
• The Trump administration has escalated its attacks on higher education, including revoking student visas and demanding colleges hand over information about which students have participated in protests.
• Powell urged Princeton graduates to take risks, consider public service, and guard their integrity "carefully," emphasizing the importance of preserving and strengthening democracy.
• The bar on Harvard University from enrolling international students has been temporarily blocked by a US district court judge, but has placed the future of more than 6,500 international students in limbo.
• Powell has come under attack from the Trump administration, despite being appointed by the president during his first term.
• The Fed chair believes that firing him over differences of opinion on monetary policy is "not permitted under the law."
• The Trump administration has cut billions in funding for higher educational institutions, prompting European countries to offer academic positions to leading scholars based in the US.

Statistics:

• Over 6,500 international students at Harvard University are in limbo due to the Trump administration's decision to bar the university from enrolling international students.
• The US Federal Reserve has kept interest rates between 4.25 and 4.5 per cent this year, despite the Trump administration's pressure to cut rates amid the global trade war.
• The Trump administration has cut billions in funding for higher educational institutions, leading to a decline in support for leading scholars and researchers.
• Powell's term as Fed chair is set to expire in May 2023, with the administration considering "continuing to study" ways to fire him before that date.

Sources:

• Washington Post
• Princeton University
• Harvard University