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Report to the Congress on the Office of Minority and Women Inclusion

Financial Literacy Activities

 

During 2014, the Board participated in numerous community and system outreach events and programs. Examples are listed below:

  • Congressional Black Caucus Annual Legislative Conference: The Board, in conjunction with the Federal Reserve System, sponsored a booth at the 44th Annual Legislative Conference. The conference was held from September 25 through September 27 in Washington, D.C. Approximately 1,500 financial education brochures and pamphlets were distributed to conference attendees.
  • FedEd Program: During 2014, research assistants from the divisions of International Finance, Research and Statistics, Monetary Affairs, Consumer and Community Affairs, Management, and the Office of Financial Stability Policy and Research at the Board continued to implement a program that works with local high school students to improve understanding of personal financial subjects and the role of the Federal Reserve System in the economy. Subjects covered included the importance of saving, budgeting, using credit, establishing financial goals, avoiding identity theft, and the impact of Federal Reserve actions on those subjects. More than 40 presentations were made to middle and high school students attending 13 schools in the Washington Metropolitan Area. Presentations were made at three schools in the District of Columbia: Anacostia High School - New Heights Program; Roosevelt High School - STAY Program; and Wilson High School. Presentations were also made at two schools in Maryland: Friendly High School and Churchill High School.
  • Federal Reserve Financial Education Day 2014: On October 22, 2014, the Board and the Federal Reserve System held training programs and seminars around the country. Subjects covered included personal budgeting, responsible borrowing, and financing postsecondary education. The event highlighted personal financial skills as an essential element for college and career readiness among young people. We were successful in reaching more students in 2014, with an increase in Board staff participating in the program. Twelve research assistants from the Board presented the program to students at five schools in Virginia: Yorktown High School; Wakefield High School; Washington-Lee High School; Bishop O'Connell High School; and Marshall High School, representing an increase from the prior year when five research assistants presented to students at three schools.
  • Education and Training Materials Distribution: During 2014, the Board continued to provide financial literacy materials to school systems, local governments, and consumer and financial literacy educators. Materials were distributed to the Office of Minority Achievement of the Arlington Public School System, the National Women Veterans Association of America, the Defense Security Service, and the office of the Mayor of Yazoo City, Mississippi.

  • Math x Economics: The Board hosted the third annual Math x Economics program on May 22, 2014. The goal of the program is to introduce students to economics as a potential course of study in college, and as a future career option. The Board's recruitment efforts targeted groups who are underrepresented in the field of economics, including minorities and females, especially from underserved communities. The program showed an increase in participation from 29 students in 2013 to 40 students in 2014, nearly a 40 percent increase. According to the survey completed at the end of the program, the program was well-received by participants. Descriptive statistics of the respondents are below.

     

    Distribution of participants Percent
    Female 66
    Male 34
    Juniors 20
    Seniors 80
    African American 22
    Hispanic 18
    Asian 28
    White 17
    Did not specify ethnicity 15

  • Professional Outreach: In 2014, Chair Yellen delivered remarks related to economic education and financial knowledge at the following events:

    • 2014 Assets Learning Conference of the Corporation for Enterprise Development (see remarks, www.federalreserve.gov/newsevents/speech/yellen20140918a.htm)
    • National Summit on Diversity in the Economics Profession (see remarks, www.federalreserve.gov/newsevents/speech/yellen20141030a.htm)
    • College Fed Challenge National Finals (informal remarks provided): College Fed Challenge is a team competition for undergraduate students in which teams take on the role of members of the Federal Open Market Committee. The competition encourages students to learn about the U.S. economy, monetary policymaking, and the role of the Federal Reserve System. The competition also aims to foster students' interest in economics and finance as fields for advanced study and careers.

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Last update: April 6, 2015