As the Donald Trump administration has initiated a 'college crackdown' by revoking the eligibility for foreign student enrollment at Harvard University, Jerome Powell, chair of the Federal Reserve, noted on the 25th (local time) that "universities are important national assets."
According to the British Financial Times (FT), Powell made these remarks during a commencement speech at Princeton University in New Jersey on that day. He graduated from this school in 1975, majoring in political science.
Powell said, "We are leading the world in many areas, including scientific innovation and economic dynamism," adding that "our great universities are an object of envy for the world, and they are important national assets."
He continued, "Do not take all of this for granted," and expressed his hope that "when looking back 50 years from now, you will feel proud that you did your best to protect democracy and make it even stronger, and to get a little closer to the unchanging ideals dreamed of by the founders."
Powell also stated, "For 250 years since the establishment of a great democracy, countless generations have taken on the responsibility and mission to realize the ideal that 'all men are created equal,' and now it is your turn."
His remarks drew attention as they came amid increasing pressure from the Trump administration on prestigious universities. The U.S. government recently informed Princeton University that it would suspend $210 million (approximately 300 billion won) in funding, citing the university's inadequate response to anti-Israel movements.
Chair Powell is also under pressure from President Trump to lower interest rates. Earlier this month, President Trump attacked Powell, who had frozen rates for the third consecutive time, labeling him as "a fool who knows nothing" for being "too late."