U.S. Federal Reserve Chair Jerome Powell, who previously clashed with U.S. President Donald Trump over interest rate cuts, has now seemingly voiced opposition to the Trump administration’s university policies. Powell emphasized that college students must protect democracy.
The Financial Times reported that Powell gave a commencement address at Princeton University in New Jersey on Sunday. Powell, an alumnus of the university, stated, “We lead the world in so many ways, including in scientific innovation and economic dynamism. Our great universities are the envy of the world and a crucial national asset.”
Powell urged not to take everything for granted, and do “whatever it takes to preserve and strengthen our democracy and bring us ever closer to the Founders’ timeless ideals.” He emphasized, “Since the founding of this great democracy 250 years ago, generation upon generation have assumed the burden and the honor of moving us closer to the ideal that all are created equal. Now, it’s your turn.”
Trump, who demands the eradication of antisemitism and the cessation of diversity education, has clashed with top U.S. Ivy League universities, including Harvard University, this year. His administration recently halted federal funding to Princeton, the fourth Ivy League institution affected. Princeton’s President, Christopher L. Eisgruber, pledged to cooperate in combating antisemitism while strongly defending academic freedom and the university’s right to due process.
Harvard University is currently at the epicenter of conflict with Trump. Following funding cuts, the administration revoked Harvard’s eligibility to enroll international students by canceling the Student and Exchange Visitor Program (SEVP) certification on May 22. Harvard promptly filed a lawsuit, and the U.S. federal court in Massachusetts granted Harvard University’s preliminary injunction on May 23, temporarily halting the SEVP revocation. On Sunday, Trump demanded via Truth Social that Harvard disclose names and nationalities of its foreign students.
Local media outlets noted Powell’s remarks come amid ongoing tensions with the Trump administration. Appointed by Trump during his first administration in 2017, Powell has consistently refused Trump’s demands for rate cuts. On May 7, announcing the third rate hold since Trump’s second term began, Powell emphasized that presidential pressure doesn’t influence Federal Open Market Committee (FOMC) decisions, which are based on economic indicators and forecasts. Trump, who has criticized Powell since last year’s campaign, asserted on a social media post on May 8, “Too Late’ Jerome Powell is a FOOL, who doesn’t have a clue.”
