CEE Board

Focusing on Major Financial Decisions – Richmond Fed President Shares his Perspective

Jeff Lacker 300x199 Focusing on Major Financial Decisions   Richmond Fed President Shares his PerspectiveBy Jeffrey M. Lacker, President of the Federal Reserve Bank of Richmond; CEE Board Member.

What’s the first thing you think of when you read the words “financial literacy”? How to write a check? There’s sure to be a website to help you with that. In fact, if you Google it, you’ll get about 1.4 billion results. How to create a budget? You’ll find more than 2.8 billion results. In other words, there are plenty of resources to guide you through these and other financial decisions.

So it may surprise you to hear that the Federal Reserve Bank of Richmond has added to these options by creating a new financial education and resource website. One of the first things that you’ll notice, however, is that our site is not about every financial decision. It’s about big ones. And it reflects our belief that financial literacy efforts should focus on key financial decisions – ones that have major and long-term impacts for individuals and their families. Read more…

POSTED: April 2, 2013 | BY: Leslie Rasimas | TAGS: , , , , ,

Colorado Council Board Member Shares Passion and Education with Local Students

Ward Cerny, board member of the Colorado Council for Economic Education (CCEE), is featured in the Denver Business Journal, and it is recognition well-deserved.

Cerny has an impressive background in international investments, mergers and acquisitions, but his current work as an economic and personal finance educator is perhaps the most important.

“The irony of economics is the people who need it the most are the least likely to receive that education,” Cerny said. “[CCEE's] mission is to make that a key part of curriculum. The main lesson we want to teach people is the more fundamental lesson that economics is the science of decision making in a scarce world.”

Since 2008, Cerny has taught two three-month, economics-oriented classes at Columbine High School through the CCEE each year, competing against students in the Stock Market Game, now called Stock Market Experience.

“It’s always fun when the kids try to beat me,” Cerny said. “One kid would put his entire portfolio in Apple and blow my balanced portfolio out of the water.” Cerny tries to teach his students about the long-term strategy, not just a three-month one.

Read the full article here.

POSTED: March 11, 2013 | BY: Leslie Rasimas | TAGS: , , , , ,

CEE in the News: How the DMV Could Drive Home Financial Literacy

Should we require our nation’s teenagers to pass a financial literacy quiz in order to get a license? Jean Chatzky proposed this question in her blog, and now Adam Levin has delved deeper into what this could mean for our country, and how we could begin to implement the requirement.

Weighing in on the issue are Nan J. Morrison, President & CEO of CEE, and Annamaria Lusardi, Denit Trust Distinguished Scholar in Economics and Accountancy, The George Washington University School of Business, and CEE Board Member.

“It is a low-cost, low-barrier option for getting a student interested, and they have an incentive to do so,” Nan J. Morrison says about the proposal.

Lusardi proposes that potential questions should address car ownership and insurance.

Read the full story here. Let us know what you think in the comments below.

POSTED: March 7, 2013 | BY: Leslie Rasimas | TAGS: , , , ,

Annamaria Lusardi Honored with William E. Odom Visionary Leadership Award

Dr. Annamaria Lusardi, Denit Trust Distinguished Scholar in Economics and Accountancy at the George Washington University School of Business, and Director of the Financial Literacy Center, will be honored with the William E. Odom Visionary Leadership Award from the Jump$tart Coalition.

Lusardi is a CEE board member who has worked with us to promote economic education and financial literacy for all. She has participated on CEE panels including Financial Illiteracy: Educated Women Too? and Women and Financial Literacy: Evidence Across Countries. Lusardi provided guidance on the biennial Survey of the States and served on the Blue Ribbon panel for CEE’s soon-to-be-released National Financial Literacy Standards.

Congratulations to Dr. Lusardi for a well-deserved recognition. The William E. Odom Visionary Leadership Award, named for Bill Odom, the former chairman of Ford Motor Credit Corporation, recognizes individuals who have made substantial, groundbreaking contributions to the promotion of financial literacy among students across the United States.

POSTED: March 4, 2013 | BY: Leslie Rasimas | TAGS: , , ,

Featured CEE Affiliate – EconomicsPennsylvania

EconomicsPennsylvania (EconPA), with continued collaboration from the local Centers for Economic Education, trained over 500 teachers in 2012, and will continue outreach efforts in 2013.

New partnerships are leading the way for increased outreach to the state’s students. EconPA and Bloomsburg University launched the inaugural Youth Entrepreneurial Experience Camp last year. Thirty-one students from across the state engaged in a 3-day intensive program to learn about business and entrepreneurial skills in a competition.  The camp was an all-expense paid venture for the students, and the top performers received a year of start-up capital and support; both winners have launched their ventures.

EconPA also partnered with the Federal Reserve Bank of Cleveland to host Youth Entrepreneurial Challenge Days, as well as hosting a Day of Learning with Lincoln Financial and Temple University’s Fox Business School for Title I Schools in Philadelphia.

Local students received attention as Pennsylvania was home to the first
place national team in the 2012 Capitol Hill Challenge, Lewisburg High
School, which dedicates much of their staff and resources to participating
in the various programs that EconPA offers (photo below).

A major success of EconPA stems from the network of Centers located at universities, school district offices, business corporate centers and local banks for program delivery—ensuring trainers are at ground level to train educators. EconPA continues to raise the stakes for economic and personal finance requirements by working with state legislatures and education specialists such as Michael MacDowell, Managing Director of the Calvin K. Kazanjian Economics Foundation and CEE Board member, who was asked by PA Governor Corbett to serve on a task force on post-secondary education.

EconPA was featured in CEE’s Winter 2013 CEE Report; download the newsletter to learn more about their efforts with students and teachers.

economicspennsylvania Featured CEE Affiliate   EconomicsPennsylvania

2012 Capitol Hill Challenge winners (l-r) Brett Clark Lewisburg High School student; Mark
DiRocco, Lewisburg Area School District Superintendent; Daniel Cole, Lewisburg High School student.

POSTED: January 24, 2013 | BY: Leslie Rasimas | TAGS: , , , , ,

CEE Board Member Jeffrey M. Lacker in the New York Times: Testing the Limits of the Fed

Jeffrey M. Lacker, CEE board member and president of the Federal Reserve Bank of Richmond, is featured in today’s New York Times. He doesn’t hide his opinion that the Fed is “limited” in its power to stimulate the economy, and “that just throwing money at the economy is unlikely to solve the problems that are keeping a 55-year-old furniture worker from finding a good competitive job.”

Gary H. Stern, former president Federal Reserve Bank of Minneapolis and also a current member of CEE’s board, is also quoted in the story.

“If you have a forceful and compelling rationale, I think that is constructive internally and externally,” Stern said. “I think the Fed obviously has been in my opinion dealt a difficult hand. To some extent the waters are uncharted. It would be in a way remarkable if you had unanimity under these circumstances and I think Jeff’s concerns about what the Fed can accomplish in this environment and what the risks on the inflation side may be, I think that those points need to be taken seriously.”

You can read the full article here.

POSTED: January 9, 2013 | BY: Leslie Rasimas | TAGS: , ,

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