Federal Reserve

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: admin | 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: admin | TAGS: , , , , ,

Financial Collapse: A 10-Step Recovery Plan by Alan S. Blinder

Sunday’s New York Times featured this opinion piece by Alan S. Binder, professor of economics and public affairs at Princeton, a former vice chairman of the Federal Reserve and the author of “After the Music Stopped: The Financial Crisis, the Response and the Work Ahead.”

Blinder outlines his 10 Financial Commandments, which, he says, “were brazenly violated in the years leading up to the crisis.” Read more…

POSTED: January 22, 2013 | BY: admin | TAGS: , , , , ,

CEE in the News: Financial literacy can help deflate the growing student loan debt bubble

CEE’s Survey of the States was once again utilized as the backbone of support for economic and financial education in our nation’s schools.

In last week’s USA TODAY, Sabina Bharwani and Carrie Sheffield encourage K-12 education in economics and personal finance to prevent the ever-climbing student debt from reaching uncontrollable proportions.

“Teaching personal finance, economics and business in schools is a fundamental task in our hypercompetitive world, yet too few of our schools are on board. In 2011, just 22 states required a high school course in economics and just 14 states required the offering of a course in personal finance, according to research from the Council for Economic Education (CEE). These classes offer a solid foundation for studying our ever-globalizing world and guidance on dealing with tempting credit card offers hitting students’ mail boxes at age 18.”

Read their full column here.

POSTED: January 14, 2013 | BY: admin | 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: admin | TAGS: , ,

Chairman Bernanke Addresses the Economic Club of New York

Nan J. Morrison, President & CEO of the Council for Economic Education, last week attended Chairman of the Federal Reserve Bank Ben S. Bernanke’s address at the Economic Club of New York.

Bernanke spoke of slow economic recovery, the job market and upcoming fiscal challenges. Below is a full transcript of his remarks courtesy of the Federal Reserve website:

Chairman Ben S. Bernanke
At the New York Economic Club, New York, New York
November 20, 2012

The Economic Recovery and Economic Policy

Good afternoon. I am pleased to join the New York Economic Club for lunch today. I know that many of you and your friends and neighbors are still recovering from the effects of Hurricane Sandy, and I want to let you know that our thoughts are with everyone who has suffered during the storm and its aftermath. Read more…

POSTED: November 26, 2012 | BY: admin | TAGS: , , , , ,

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