In a pointed yet diplomatically worded commencement address at Princeton University on Sunday, Federal Reserve Chairman Jerome Powell urged graduates to pursue public service, uphold democratic values, and appreciate the unique role of American higher education. His speech, though not directly confrontational, served as a subtle rebuke to recent political assaults on U.S. universities—particularly from former President Donald Trump.
Powell lauded America’s colleges and universities as “the envy of the world and a crucial national asset,” calling on the Class of 2025 not to take their education or democratic institutions for granted. “When you look back in 50 years,” he said, “you will want to know that you’ve done whatever it takes to preserve and strengthen our democracy and bring us ever closer to the Founders’ timeless ideals.”
These remarks arrive at a time of increasing hostility from some political quarters toward elite universities. During his presidency, Trump repeatedly threatened to cut federal funding to institutions like Harvard, Yale, and Princeton—accusing them of promoting what he described as anti-American values and discriminatory admissions practices. His administration’s Department of Homeland Security even attempted to revoke Harvard’s ability to enroll international students, a move temporarily blocked by a federal judge.
Though Powell did not mention Trump by name, the timing and tone of his remarks suggest a defense of U.S. higher education against political interference. This is not the first time Powell has found himself at odds with Trump. The former president publicly berated the Fed chair over interest rate policy and even suggested he should be fired—something Powell has said is not within the president’s authority.
Powell’s defense of public service and academic excellence comes amid a broader political campaign to undermine trust in elite institutions. The Trump-era attacks on higher education continue to resonate through Republican state legislatures and federal policy proposals, including executive orders aimed at dismantling diversity, equity, and inclusion programs and threatening Title IX protections.
Meanwhile, Powell emphasized that America's leadership in science, economics, and global innovation is no coincidence but the product of robust institutions—including its universities. “Look around you,” he told graduates. “Take none of this for granted.”
His call for public service may also ring hollow to graduates facing a daunting job market and a mountain of student debt—problems compounded by decades of underinvestment in public higher education, skyrocketing tuition, and the adjunctification of the academic workforce. Nonetheless, Powell’s appeal was rooted in idealism: that the next generation can help repair democracy and rebuild the public sector from within.
The Higher Education Inquirer notes that Powell’s remarks reflect a quiet but important ideological struggle in American politics: between those who see universities as engines of democratic progress and economic vitality, and those who view them as bastions of liberal elitism in need of reform—or retribution.
As the political and economic landscape of higher education continues to shift, Powell’s speech at Princeton may be remembered not just as a traditional commencement address, but as a line in the sand.
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