Fed chair calls out Trump’s Harvard attacks during bombshell Princeton speech

26 May

U.S. Federal Reserve Chairman Jerome Powell on May 3, 2023 (U.S. Federal Reserve/Flickr)

In a decision handed down on Thursday, May 22, the U.S. Supreme Court indicated that President Donald Trump does not have the power to fire U.S. Federal Reserve Chairman Jerome Powell.

The High Court upheld Trump's power to fire members of two independent labor relations boards but signaled that a president's relationship with the Fed is different.

In Trump v. Gwynne A. Wilcox, the justices wrote, "The Federal Reserve is a uniquely structured, quasi-private entity that follows in the distinct historical tradition of the First and Second Banks of the United States."

Three days later, during a Memorial Day Weekend speech at Princeton University in New Jersey on Sunday, May 25, Powell wasn't shy about criticizing Trump. And he made it clear that he has a very negative view of Trump's attacks on Harvard University and other colleges.

Powell told Princeton's Class of 2025, "Our great universities are the envy of the world and a crucial national asset. Look around you. I urge you to take none of this for granted."

The Federal Reserve Chairman stressed that "generation upon generation" has needed to advance the United States' democratic values, including the Gen-Z students graduating in 2025.

Powell told the Princeton graduates, "I ask you to take a minute and realize how the quest for these values has led us to this point in our history. When you look back in 50 years, you will want to know that you have done whatever it takes to preserve and strengthen our democracy, and bring us ever closer to the Founders’ timeless ideals…. Each of us is a work in progress. The possibilities for self-improvement are limitless."

Powell's speech came at a time when Trump is waging an aggressive campaign to intimidate Harvard and other universities. Trump, however, has backed down from calling for Powell to be fired as Fed chairman — much to the delight of many economists, who are warning that it is crucial for the U.S. Federal Reserve to maintain its independence from the White House.

Washington Post columnist and MSNBC host Catherine Rampell is warning that if a president rather than a U.S. Federal Reserve chair can decided interest rates, it will be disastrous economically for the United States.

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