NABE, Fed Partners Make Economics Accessible

Rolling out their new program, NABE members working with educators at the Federal Reserve Bank of Chicago already have introduced about 40 public high schools students to the intricacies of central bank operations and exchange markets.  It’s all part of the NABE/Fed partnership’s goal of making economics accessible to young people as they consider college and career options.

The Chicago program is the newest of the high school Economics Clubs created through the partnership between NABE and several Fed district banks and branches.  “The Chicago program is off to a great start and we are pleased to have the participation of Federal Reserve educators and NABE members there and in the other cities,” said Kathleen Camilli, the board member who had lead the effort for NABE.

The Chicago Fed district, which began planning activities last fall, joined the program this academic year.  NABE members and Federal Reserve education specialists in New York, Boston, and Houston began the pilot programs in those cities in the 2005-2006 academic year and are building on that success with new groups of students in the current academic year.

Tim Schilling, education specialist with the Chicago Fed, reports that the club’s first program was held in December at the Fed bank downtown, where students had a chance to meet Fed officials and NABE members and talk about what they would like to get out of the program.  In late January, students visited the Chicago Mercantile Exchange, where they learned about operations and had a chance to go down on the trading floor.

NABE President Carl Tannenbaum, chief economist, LaSalle Bank/ABN AMRO, and NABE member Jeff Blumenthal, vice president, Blumenthal-Hart Ltd., are taking part in the program. The Chicago high school students are scheduled to meet in February at LaSalle Bank/ABN AMRO, and the program planners also expect to visit Boeing headquarters in April.

Houston Club Hosting Fed Career Day

Continuing with a full schedule of activities, about 45 student members of Houston’s Economics Club will travel to the Houston Branch of the Dallas Fed in February for a Fed Career Day. “The students will hear various Fed officers and managers talk about their positions in relation to functions of the Fed along with needed college coursework,” according to Robbie O. Moses, economic education coordinator of the Houston Branch.
 
In November, Moses said that 37 students participated in the Economics Club’s tour of the Port of Houston and heard a talk at the Fed on the Houston economy by NABE member Bill Gilmer, senior economist at the Houston Fed.  In January, Moses made a presentation to the students on risk/reward ratios. Mark Camp, president of NABE’s Houston Chapter and executive director, Ernest & Young in Houston, kicked off the school year with a presentation to students on global hiring practices.

Boston Club Offering Trading Floor Challenges

Now in its second year, the Economics Club sponsored by NABE and the Boston Federal Reserve Bank hosted 32 high school students in January for a visit to Loomis Sayles, a bond trading firm at One Financial Center, reports Scott Guild, director of education at the Boston Fed.

NABE member Brain Horrigan, Loomis Sayles chief economist, talked about the firm’s history and structure.  His presentation was followed by a research career path discussion by an analyst who explained how and why he chose to work at Loomis Sayles. Other Loomis Sayles officials also addressed the students, covering such topics as the importance of education and what managers watch for when they interview prospective  employees. The visit ended with a visit to the Bond Trading Floor on the 34th floor.

In November, the Boston club kicked off the new academic year with two programs.  On November 16, 19 students from Canton Regional High School and their teacher visited the Federal Reserve Bank of Boston and Fidelity Investments. Albert Barnor, Boston Fed economic education specialist, welcomed the students and provided participants with an outline of the day’s agenda.  Next Steve Trebino, an officer in the Fed’s Corporate Affairs Department, made a power point presentation on the major role and functions of the Boston Bank.

Also on Nov. 16, the students and NABE and Fed bank sponsors walked to Fidelity Investments, where they heard from Fidelity fund managers and traders about their roles and responsibilities. Traders at Fidelity offered detailed descriptions of their daily activities and described how economics fits into their work.  Capping off the visit, students participated in a stock trading activity and then took a tour of the trading floor, where they observed traders seated in open sectors, surrounded by four computer screens and stock tickers scrolling the latest quotes along the wall.

New York Clubs Visiting Major Firms

After a busy fall schedule, the New York Economics Club hosted students for a Feb. 8 visit to PriceWaterhouse Coopers, according to Lloyd Bromberg, director of education services at the Federal Reserve Bank of New York. 

On March 23, the New York students are scheduled to visit Standard & Poor’s in Manhattan.   NABE member David Wyss, chief economist at Standard & Poor’s, participates in the program.   In May, the club plans to visit offices of Credit-Suisse.

Participating Fed banks and branches are responsible for recruiting between 25 and 50 high school students to participate for one year and to host on-site visits to the local Federal Reserve.  NABE members work with the Fed education specialists to establish curricula that include on-site visits and to review student papers at the end of the program year. As incentives to students, some clubs have offered a college recommendation endorsed by a NABE member, as well as possible internships of winners of written/oral competition.

Members interested in participating in the high school economics clubs should contact Camilli or chapter presidents in the localities involved in the program.