November 22, 2019
Federal Reserve announces College Fed Challenge winners
For release at 2:30 p.m. EST
Pace University won the 16th annual national College Fed Challenge on Friday, a competition that encourages students to learn about the U.S. economy, monetary policymaking, and the role of the Federal Reserve. The team, from New York, New York, represented the New York Federal Reserve District and included Scarlett Bekus, Joseph Drennan, Sean Freda, Marissa Kleinbauer, and Dylan Seals. The team's faculty adviser was Gregory Colman.
The finals were held at the Board of Governors as the capstone to five district competitions held around the country. The other national finalists were second place: Harvard College, with honorable mentions for Loyola University Maryland, The University of Chicago, and University of Pennsylvania. College Fed Challenge is a team competition for undergraduate students. Teams analyze economic and financial conditions and formulate a monetary policy recommendation, modeling the Federal Open Market Committee.
"The Fed Challenge is one of numerous efforts at the Board and the Reserve Banks to educate the public about the Fed's role in promoting a healthy economy and a strong and stable financial system," said Federal Reserve Board Chair Jerome H. Powell. "The competition is also intended to promote interest in economics and finance as fields for advanced study and careers."
Teams competing in the College Fed Challenge finals gave 15-minute presentations and answered questions for a panel of judges. Teams were evaluated on economic analysis, responses to judges' questions, teamwork, and presentation. The judges were Antulio Bomfim, Senior Adviser, at the Federal Reserve Board; Thomas Lubik, Senior Advisor Research, at the Federal Reserve Bank of Richmond; and Thomas Klitgaard, Vice President and Function Head, International Research Function at the Federal Reserve Bank of New York. The teams competed in their local Reserve Bank Districts, and the top teams moved on to the finals in Washington, D.C.
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