MIAMI - Teams from two Miami high schools, G. Holmes Braddock Senior High School and Belen Jesuit Preparatory School, advanced from last week's local competition for the Fed Challenge - a national economics program sponsored by the Federal Reserve - held at the Miami Branch of the Federal Reserve Bank of Atlanta. The two schools will compete in the district championship, scheduled for March 22 in Atlanta, to determine the team that will represent the Sixth Federal Reserve District in the national Fed Challenge championship in Washington, D.C., in May.
Five-member teams representing 11 high schools from Dade, Collier and Palm Beach counties competed in the local competition. As part of the competition, each team made a 15-minute presentation based on the work and responsibilities of the Federal Open Market Committee (FOMC), the Federal Reserve group that sets national monetary policy. Students then fielded questions from a panel of judges related to their presentations and their knowledge of the Federal Reserve's role in the economy.
According to Jay Curry, vice president and manager of the Federal Reserve's Miami Branch, "We were very pleased with the participation of the 11 south Florida high schools, and I believe they gained a better understanding of the Fed's role in our economy. I'm sure that Braddock Senior High School and Belen Jesuit Preparatory School will do an excellent job representing the Miami area in the district competition later this month."
The winner of the district competition will compete against other district winners from throughout the United States at the national championship, May 1-3, in Washington. Citibank is providing grants and scholarships for the Fed Challenge competitors. Members of the runner-up and winning teams at the district- and national-level championships will receive individual scholarships, and their schools will receive grant money to develop in-school economics laboratories.
The Fed Challenge is a multilevel national competition designed to bring real-world economics into the high school classroom, promote interest in economics and increase understanding of the Federal Reserve's role in setting U.S. monetary policy.
The Federal Reserve Bank of Atlanta serves the Sixth Federal Reserve District, which encompasses Alabama, Florida, Georgia and parts of Louisiana, Mississippi and Tennessee. As part of the nation's central banking system, the Atlanta Fed participates in setting national monetary policy, supervises numerous commercial banks and provides a variety of financial services to depository institutions and the U.S. government.