Federal Reserve chair Jay Powell called on students to protect democracy while praising American universities as “a crucial national asset”, days after the Trump administration escalated its attacks on higher education. 

“We lead the world in so many ways, including in scientific innovation and economic dynamism,” the US’s central banker told students in a commencement address at Princeton on Sunday. “Our great universities are the envy of the world and a crucial national asset.”

This week the Trump administration barred Harvard University from enrolling international students, the latest assault on the Ivy League over perceived leftwing indoctrination and antisemitism. It has revoked student visas and demanded colleges hand over information about which students have participated in protests.