Fenwick High School Students Win State 'Fed Challenge' Competition
A team of students from Fenwick High School in Oak Park Friday won a state-wide competition testing their knowledge of how the Federal Reserve creates policy to foster a strong and stable economy.
The competition, called the "Fed Challenge," was held at the Federal Reserve Bank of Chicago and included teams from nine other Illinois high schools.
Winning team members Patrick Brady, Kevin Kalisz, Ann Murray, Miroslaw Purpura, Lauren Rosemeyer, Brooks Smith and Lauren Visek beat teams from Corliss High School in Chicago, Lake Forest Academy, Marist High School in Chicago, Notre Dame High School in Niles, Schurz High School in Chicago, St. Benedict High School in Chicago, Tilden High School in Chicago, West Chicago High School and Willowbrook High School in Villa Park. The Fenwick coach is Steve Ryan.
The Fenwick team will now represent Illinois in the District Fed Challenge championship on April 15 at the Federal Reserve Bank of Chicago. The team will compete against teams from Indiana, Iowa, Michigan and Wisconsin for the opportunity to represent the Chicago Federal Reserve District in the National Fed Challenge competition, which will be held May 14-16 at the Federal Reserve Board of Governors in Washington D.C.
Each team is comprised of five to seven students. They use their research of existing economic, financial and international conditions to prepare a forecast of the economy, to identify potential concerns, and to make recommendations for national monetary policy.
During the competition, the team gives a 15-minute presentation to a panel of judges consisting of economists from the Federal Reserve, the private sector and academia. The judges then question the students about how the Fed creates policy to foster a strong and stable economy.
- Provides education on how Federal Reserve policy-makers develop and implement monetary policy that influences the amount of credit and money in the economy.
- Teaches students to conduct economic research, think critically, and make presentations.
- Promotes economics and finance as a career choice.
Preparing for the competition gives students an idea of how economists get ready for a meeting of the Federal Open Market Committee, the Federal Reserve group that creates national monetary policy under the guidance of Chairman Alan Greenspan.