Columbia University could lose nearly $1.6 billion a year in taxpayer money if it doesn’t get a grip on the pro-Palestinian protests that led to more than than 130 arrests and sparked a wave of similar demonstrations across the country. Republican House and Senate members have threatened to use Congress’ “power of the purse” to punish Columbia for allegedly failing to protect Jewish students from antisemism on its New York City campus, in violation of civil rights law. Federal funding provided 20% of Columbia’s $6.2 billion in operating revenue during the fiscal year that ended on June 30, 202…