Overview

• The Supreme Court ruled on May 22 that the Federal Reserve is a uniquely structured, quasi-private entity shielded from presidential firing power, securing the central bank’s legal independence.
• In his Princeton University commencement speech, Powell urged graduates to guard their integrity and embrace public service as essential to defending democratic institutions.
• He defended the Fed’s coordinated response to the COVID-19 pandemic, crediting career civil servants with helping avert a severe economic collapse.
• Powell praised American universities as critical national assets and warned against actions that could undermine academic freedom.
• President Trump has publicly pressured Powell to cut interest rates, labeling him a “fool” and calling for his removal, but Powell has maintained that firing him is not permitted under law.