Jerome Powell, Chair of the Federal Reserve, addressed the graduating class of 2025 at Princeton University on Sunday, urging students to explore careers in public service while emphasizing the significance of risk-taking and initiative.
“Success often stems from a blend of luck, the bravery to make mistakes, and a dash of initiative,” Powell stated during the Baccalaureate Ceremony held in Princeton, New Jersey. “However, remember that the world demands more than your personal achievements and individual success. I strongly encourage you to carve out time for public service in your careers.”
Powell, who has held his position as the 16th chair of the Federal Reserve since 2018, reflected on his own experiences as an alumnus of the university, having graduated in 1975.
The renowned investment banker and attorney, raised in Washington D.C. and majoring in politics at Princeton, humorously recalled prioritizing guitar playing over academics during his freshman year. While his academic performance improved by senior year, he graduated without a clear plan for his future.
“For those of you uncertain about your path, I’ve been there,” Powell remarked.
After graduating, while many of his peers embarked on careers in finance or pursued further studies, Powell spent time labeling shelves in a warehouse. Yet, by the following fall, he embraced the opportunity to study law.
“Everyone progresses at their own speed, and that is perfectly fine,” he affirmed.
Emphasizing the ongoing journey of personal growth, Powell encouraged students to commit to lifelong learning and self-improvement. He acknowledged that although diligence, perseverance, and innovation are crucial, luck has also been a significant factor in his journey.
“I was quite fortunate — starting from my birth,” he remarked.
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The Fed Chair highlighted the value of taking risks and acknowledged that many graduates might be called to leadership roles at some point. He reassured them that feeling unprepared is a common experience.
“Almost no one feels truly ready,” Powell stated. “So, I encourage you to seize the opportunity! Be the kind of leader that others can learn from and aspire to work with.”
Additionally, Powell recounted instances in his life where taking initiative proved pivotal, describing it as the “rocket fuel of life.”
He recounted a key moment from his early career, when he mustered the courage to introduce himself to Nicholas F. Brady, head of his firm at the time. This encounter would later lead to a position under Brady as Assistant Secretary of the Treasury, facilitating Powell’s eventual appointment to the Federal Reserve Board.
“Had I not taken that daring step, I wouldn’t be standing here today,” Powell remarked.
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Powell reiterated the significance of dedicating time to public service and encouraged graduates to reflect on how they can build on the efforts of previous generations to safeguard and amplify democracy in America.
“As you explore the world of boundless opportunities, I challenge you to embrace the chance to serve others,” he urged. “Choosing this path will never lead to regret.”
During his speech, Powell reflected on the Federal Reserve’s challenges, particularly how career civil servants rose to support the economy during the COVID-19 pandemic.
“The remarkable dedication of these individuals rescued our economy. The respect and gratitude owed to them is immense, and I am honored to serve alongside such professionals,” he expressed. “This is the essence of public service.”
He wrapped up his address by reinforcing the importance of integrity and the impact of living a principled life.
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“Fifty years from now, look in the mirror and be proud that you did what you believed was right in every aspect of your life,” Powell concluded.
