NABE/Fed High School Clubs Plan To Expand This Fall

Drawing on achievements of its first two years, the NABE partnership with Federal Reserve district banks and branches plans to expand this fall with the establishment of new high school economics clubs in several cities across the country.  

“In the next few weeks, we will be extending invitations to join this partnership to Fed District Banks in Philadelphia, Cleveland, Atlanta, St. Louis, Minneapolis, Kansas City, and San Francisco,” said Kathleen Camilli, the board member who initiated the program for NABE in 2005.   “We have had enthusiastic responses from several NABE members in these cities, and we will work with Fed education specialists to launch new clubs when the school year begins this fall,” she said.

Plans are also underway for a new high school economics club in Baltimore in the 2007-2008 academic year.   NABE member Alan Levenson, chief economist of T. Rowe Price Associates, and Karen Kobernak, an education specialist at the Baltimore branch of the Federal Reserve Bank of Richmond, will head the effort.

Camilli also described a plan, in its early stages, to design a year-end activity for the spring of 2008 that would link all of the high school clubs via video conference.  “This would be an exciting finale and we also plan to select one student to be NABE’s guest at the 2008 annual meeting in Washington, D.C.,” she said.  

This past academic year, NABE members and Federal Reserve education specialists worked together in what participants have called a highly successful program for the high school students, typically seniors, who want to explore careers in economics and understand better the world of work.  Participation in the clubs offers students an opportunity to hear directly from economists in different fields about how they chose the profession, what they studied in college, what their jobs require, and similar topics.

The partnership is a “natural match” of NABE members whose businesses and firms want to contribute to their communities and Fed educators with experience working with students, Camilli said. Plus, the program introduces would-be economists to NABE and makes them aware of its many professional development programs and other resources.

The NABE/Fed sponsorship of the high school clubs began in the fall of 2005 with New York, Boston, and Houston Federal Reserve Banks or branches and this year expanded to include Chicago. Participating Fed banks and branches recruit between 25 and 50 high school students and host on-site visits to the local Federal Reserve.  NABE members work with the Fed education specialists to establish curricula that include visits to businesses and activities such as trading floor simulations.

Chicago Students Check Out  “Million Dollar” Briefcase

The Chicago NABE/Fed high school program wrapped up its first year with a short, informal celebration attended by about 25 students, according to Tim Schilling, economic education specialist at the Federal Reserve Bank of Chicago.

“We gave a small certificate of thanks, had some snacks, did a little evaluation, and the students had a chance to see the Fed's new exhibit which allows them to have their picture taken with a briefcase containing $1 million in $100 bills,” Schilling said.

Earlier this year, Chicago students visited LaSalle Bank’s training center, where they heard from NABE President Carl Tannenbaum, chief economist of LaSalle Bank/ABN AMRO, and from Jessica De Vogue, a training consultant.  The program year began with a visit to the Chicago Fed bank and in January, the students met at the Chicago Mercantile Exchange.

New York Club Awards Four Summer Internships

Capping a busy year of activities, the New York high school students took part in an essay and oral competition, with four winners selected on May 22, according to Lloyd Bromberg, director of education services at the New York Fed.  These four winners were awarded paid internships for the summer:  two at the New York Fed bank, one at Standard & Poor’s, and one at Credit Suisse. 

The May 22 program began at the New York Federal Reserve Bank, where nine students presented their essays in an oral competition.  This year’s topic was: “How should fiscal and monetary policymakers respond to growing income inequality among Americans?” That afternoon, the students visited Credit Suisse for the final part of the program and the awarding of internships.

About 50 students participated in the New York program this year, Bromberg said, adding that typically between 30 and 40 students attended events.   Students attend both public and private schools in the New York metro area, including New York City, New Jersey, Connecticut, and Long Island, he said.

In March, the students enjoyed a special assignment during their visit to Standard & Poor’s where they were asked to give a credit rating to the online video company YouTube, which is owned by Google.  Last December, the New York club members joined a group of reporters at the Wall Street Journal, where they combed through the national employment report with journalists and observed how they research and write a news story about key government data.

Houston Club Heard from NABE Members on the Outlook

In Houston, the NABE/Fed program included an April meeting with a presentation by Patrick Jankowski, president of the Houston Economics Club chapter of NABE. Jankowski, vice president for research, the Greater Houston Partnership, discussed economic factors in attracting new business to Houston, according to Robbie Moses, economic education coordinator for the Houston Branch of the Federal Reserve Bank of Dallas.

“It was Job Shadowing Fed style” for the Houston club’s March meeting, which focused on career development and included talks by members of the Better Business Foundation on “job and scholarship scams and schemes,” Moses said.  There were 37 students in the Houston club this year, from public schools, and in February they met at the Houston Branch where they were introduced to economists and heard about their positions at the bank.

Boston Students Visited Trading Desk

The Economics Club sponsored by NABE and the Boston Federal Reserve Bank hosted
a series of well-received programs.  Early this year, about 32 Boston students visited Loomis Sayles, a bond trading firm at One Financial Center. NABE member Brain Horrigan, Loomis Sayles chief economist, talked about the firm’s history and structure.

Last November, the Boston club kicked off the academic year with two programs.  About 19 students from Canton Regional High School and their teacher visited the Federal Reserve Bank of Boston and Fidelity Investments, according to Scott Guild, director of education at the Boston Fed. That same day 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.

Members interested in participating in the high school economics clubs should contact Camilli or chapter presidents in the localities involved in the program.  The program is supported by the NABE Foundation.