Please Note that the suggestion offered here is a change to the core code, and would be overwritten during a portal upgrade.
You can go into the markup of the control and either set the Visible property to False, or the Enabled property to False.
I believe that the file you would want to modify is the ~/admin/Users/manageusers.ascx file. This would be the easiest way. Disabling or hiding this control will not allow the end-users to be able to even see the "Manage Password" control.
Just go into that file and perform the previously mentioned task(s) to the cmdPassword control. Here is an example:
<dnn:commandbutton id="cmdPassword" runat="server"
resourcekey="cmdPassword" imageurl="~/images/save.gif"
causesvalidation="False" Visible="False" Enabled="False" />
Setting the Visible property to False will prevent the control from being rendered to the end-user. Alternatively, setting the Enabled property to False will show the password link, but clicking it will do nothing. In my experience, the Visible property is the better option from a usability perspective.