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NABE, Regional Feds To Launch Economics Clubs Pilot Project
With the start of the school year this fall, NABE and three Federal Reserve regional banks will launch a pilot program creating high school economics clubs to foster greater understanding about the workings of the U.S. economy and to encourage careers in the profession. NABE board member Kathleen Camilli, with approval of NABE’s board, approached Fed officials earlier this year and the proposal met with enthusiastic support to begin pilot programs with the Federal Reserve Banks of Boston, New York, and the Houston branch of the Dallas Fed during the 2005-06 academic year.
“It will be very worthwhile for NABE’s marketing and branding to move into educational channels. It could be very powerful in terms of encouraging students to not only better understand how the economy works but also consider a career in one of the many fields of economics,” said Camilli, who heads her own consulting firm, Camilli Economics, Inc., in New York City. “When the kids leave school for the adult world, they will remember “NABE” as the organization that helped them learn how the economy works”, Camilli said. The pilot program fits with the Federal Reserve’s extensive educational programs designed for students at all levels as well as consumers and investors.
According to Camilli, the economics club will offer high school students an opportunity to meet with Fed economists and NABE members through regular seminars and discussions, plus visits to sites where economists and other financial professionals are employed. A NABE regional member in each location will work with regional Federal Reserve Bank education specialists to coordinate all activities.
Private sector internships will be awarded to two students in each location, as arranged by NABE. Also, NABE members will work with Fed education specialists to establish an agenda that would include on-site visits and to review student papers at the end of the program year. It will be the Fed’s responsibility to recruit between 25 and 50 high school students to participate in the one-year program and to host one on-site visit to the local Federal Reserve. As incentives to students, the program will offer a college recommendation endorsed by the NABE member, as well as possible internships to winners of written/oral paper competition.
Through its widely respected Fed Challenge competition, the central bank is known to high school students interested in economics. Designed to be less competitive and more inclusive, the economics clubs pilot program will offer a wide range of activities that will encourage young people to see what is possible in terms of career choices. They will have a chance to meet working professionals as well as learn about the economy, Camilli said.
Assuming the pilot program is successful, Camilli said it could be expanded to other Fed /NABE regions. NABE members interested in participating should contact Camilli or chapter presidents in the localities involved in the pilot program.
Information about the Federal Reserve’s education programs is available at:http://federalreserveeducation.org/FRED/
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