NABE/Fed Clubs Ready to Challenge Students in 2008

From trading floors to central banks, the NABE partnership with Federal Reserve district banks and branches will offer students in the high school economics clubs it sponsors a full range of activities in 2008.  The program is aimed at introducing students to the multi-faceted world of economics through site visits, professional discussions, and in some cities, essay contests that offer internships to the winners.

Now in its third year, the NABE/Fed partnership sponsors high school economics clubs in New York, Boston, Houston, Chicago, and Baltimore.  The partnership is a “natural match” of NABE members whose firms and organizations want to contribute to their communities and Fed educators with experience working with schools and students, said Kathleen Camilli, who initiated the program for NABE in 2005.

The “high priority” that the Federal Reserve gives to financial literacy underscores the importance of programs such as the NABE/Fed partnership, Camilli said.  Fed Chairman Ben Bernanke gave what he called “a pitch for financial literacy” in a Nov. 29 speech in Charlotte, N.C.  “In today’s complex financial marketplace, a basic understanding of financial tools and markets and an appreciation of the need to budget, save, invest, and borrow wisely are critical to the financial health of every individual,” he said.

Supported by the NABE Foundation, the high school economics clubs are designed to draw from students in public and private schools and give them opportunities to see “how the real world of economics and finance work and to expose them to what economists do every day,” Camilli said. 

There is also a plan in the works to host a year-end activity in the spring of 2008 that would link all of the high school clubs via video conference, Camilli said.  “We want to end the year with an exciting program and also select a student to be NABE’s guest at the 2008 annual meeting in Washington, D.C.,” she said.

New York Club Visits Bear Sterns

Students in the New York City economics club especially enjoyed an early November visit to Bear Sterns in Manhattan, where they met with bond traders and learned how that market works, according to Lloyd Bromberg, director of education services at the New York Fed.

After the students heard economic forecasts from the Bear Sterns team, they took part in an interactive session designed to have them talk about the outlook and decide what they would do if they were members of the Federal Open Market Committee, Bromberg said.  “Students were very enthused about the exercise,” he said.

In January, the New York club plans to visit offices of the Wall Street Journal, where students will hear from editors and reporters about how they cover economics and business issues.  In a 2006 visit to the newspaper, Bromberg said that students enjoyed seeing how a major news organization operates and working on writing assignments with reporters.

As in prior years, students in the New York club will have a chance to take part in a written and oral essay competition, judged by professional economists.  Last year the four winners were awarded paid summer internships:  two at the New York Fed bank, one at Standard & Poor’s, and one at Credit Suisse.  Bromberg added that each student who enters the competition receives a college recommendation letter.

Boston Club To Visit Loomis Sayles

Students in the Boston high school economics club will visit Loomis Sayles in downtown Boston in January, according to Albert Barnor, an education specialist at the Boston Fed.   NABE member Brian Horrigan, chief economist at Loomis Sayles, will talk with the students about the firm’s history and structure. 

The Boston program will involve the “Schools to Careers” program in South Boston, which serves moderate to low income students.  In addition to Loomis Sayles, club sponsors plan to arrange visits next year to the Boston Fed bank, Sovereign Bank, and Bentley College.

Last year, the Boston club hosted very well received visits to the Federal Reserve Bank and Fidelity Investments.  At Fidelity, students took part in a stock trading activity and observed traders working on the floor.

Baltimore Program About to Launch

With final approval pending in the Baltimore county school system, there are plans to launch a new high school economics club there soon, according to Karen Kokernak, education specialist with the Federal Reserve Bank of Richmond, which includes Baltimore.

The club will draw students from Baltimore county schools that participate in the Academies of Finance, which are affiliated with the National Academy Foundation.  Operating in 41 states and the District of Columbia, the foundation is a partnership between business leaders and educators designed to help students prepare for professional careers.
 
Beginning early next year, site visits are planned for the Baltimore high school students to the Bureau of Labor Statistics, T. Rowe Price, the Federal Reserve in Washington, D.C., and Ernst & Young.

Chicago, Houston Clubs Planning visits

Plans are also underway for what will be the second year of a high school economics club program in Chicago.  NABE member Jeffrey Blumenthal, vice president of Blumenthal-Hart, Ltd., said the program will build on last year’s successful visits that included the Chicago Federal Reserve bank, the Chicago Mercantile Exchange, and LaSalle Bank.
Doug Tillett and Melanie Ehrhart, both of the Chicago Fed, are working with NABE on the 2008 program.

The Houston high school economics club, together with Bill Gilmer of the Dallas Fed bank, will visit Rice University’s energy trading desk, the Houston Port Authority, and the El Paso Corporation.  Robbie Moses, economic education coordinator for the Houston Branch of the Federal Reserve Bank of Dallas, also works with NABE to organize site visits and activities.

Camilli added that “we now have the possibility of new clubs in St. Louis and San Francisco.”  She recently met with prospective participants in St. Louis and she thanked NABE member Nancy Yonge for working to set up a program in San Francisco.

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.

Members interested in taking part in the high school economics clubs should contact Camilli or chapter presidents in cities involved in the program.