By Nicole Goodkind

Federal Reserve Chair Jerome Powell urged college graduates to consider a career in public service on Sunday, delivering a message about integrity and civic responsibility as political pressure on the central bank intensifies under President Donald Trump.

Speaking at Princeton University's baccalaureate ceremony, Powell encouraged students to take risks, step into leadership roles, and commit to serving the public.

"I strongly urge you to find time in your careers for public service," he said in remarks prepared for delivery. "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."

Powell also called American universities a "crucial national asset." The praise comes as Trump has intensified actions against elite institutions like Harvard. The White House has recently attempted to revoke Harvard's ability to enroll international students, cut billions in federal grants, and threatened the university's tax-exempt status.

Powell rarely strays from monetary topics in public remarks. But on Sunday, he used the commencement stage to make a broader case for civic engagement at a moment when central bank independence is being challenged.

The Supreme Court ruled last week that the Federal Reserve is unique among government agencies. While the ruling doesn't explicitly prevent Trump from firing Powell or any other member of the central bank, it does provide some relief to market participants worried about Fed independence. Still, Trump has openly criticized Powell -- and is widely expected to nominate a new chair when Powell's term ends next year.

Powell told students that integrity is one of their most important assets. "At the end of the day, your integrity is all you have. Guard it carefully," he said.

The Fed chair reflected on the uncertainty he felt after graduating from Princeton in 1975. He told students he spent several months working in a warehouse before finding direction in law school.

"If you aren't failing from time to time, you aren't asking enough of yourself," he said. "Sooner than you think, many of you will be asked to assume leadership roles... Just know that almost no one is truly ready."

Powell has spent much of his career in public service, including roles at the Treasury and the Federal Reserve. On Sunday, he argued that institutions depend not just on technical expertise, but on the judgment and ethics of the people inside them.

"Fifty years from now, you will want to be able to look in the mirror and know that you did what you thought was right, in every part of your life," he said.

Write to Nicole Goodkind at nicole.goodkind@barrons.com

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May 25, 2025 14:41 ET (18:41 GMT)

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