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Last Updated: 04/02/09

News Release

Federal Reserve Bank of Chicago — Detroit Branch and Michigan Business Organizations Announce Sixth Annual Michigan Money Smart Week, April 18-25, 2009

DETROIT — The Federal Reserve Bank of Chicago, along with more than 140 partner organizations, announced today the sixth annual Michigan Money Smart Week will be April 18-25, 2009.

During the week, more than 310 free educational events will take place at various times and locations across the state. All will provide consumers with education on personal finance and money management. The classes will be on a variety of topics and will be carried out by members of the Michigan Money Smart Advisory Council (MAC).

"Michigan's Money Smart Advisory Council continues to show great enthusiasm for this statewide personal finance initiative," said Doug Tillett, Vice President, Public Affairs, Federal Reserve Bank of Chicago. "Providing more and better personal finance education to consumers throughout Michigan is vital to our effort to help mitigate the crisis in the financial services industry. With the commitment and hard work of the Michigan Money Smart Advisory Council, we look forward to another successful week."

Money Smart Week will also include the Money Smart Ambassador Contest, a competition for eleventh graders in metropolitan Detroit to explain the importance of money management. The three winners will earn scholarships totaling $10,000 from Chrysler Financial, Ford Motor Credit, and GMAC Financial Services.

For the second time, the Michigan Jump$tart Coalition for Personal Financial Literacy will award a $1,000 scholarship to a middle school student through the Money Smart Junior Ambassador Contest. The scholarship is provided by DFCU Financial. And new for 2009, there will be a "Savings is Cool" rap contest for elementary school children sponsored by Extra Credit Union.

For more information, please visit moneysmartweek.org or call the Money Smart Week Hotline 1-877-MNY-SMRT (1-877-669-7678).

The Federal Reserve Bank of Chicago promotes financial education by helping coordinate Money Smart Weeks in Michigan as well as in Illinois, Indiana, Iowa and Wisconsin.

Federal Reserve Bank of Chicago Background

The Federal Reserve Bank of Chicago is one of 12 regional Reserve Banks that, along with the Board of Governors in Washington, D.C., make up the nation's central bank. The Chicago Reserve Bank serves the seventh Federal Reserve District, which encompasses the northern portions of Illinois and Indiana, southern Wisconsin, the Lower Peninsula of Michigan, and all of Iowa. In addition to participation in the formulation of monetary policy, each Reserve Bank supervises member banks and bank holding companies, provides financial services to depository institutions and the U.S. government, and monitors economic conditions in its District.
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