December 4, 2009

Lafayette College Wins National College Fed Challenge

Washington, D.C.

Lafayette College, of Easton, Pa., won the College Fed Challenge national competition, held at the Federal Reserve Board in Washington, D.C.. The college was awarded first-place honors after competing in a simulated meeting of the Federal Open Market Committee.

Rutgers University, of Newark, N.J., placed second in the competition, which was held Dec. 2. Harvard University, of Cambridge, Mass., finished third and Northwestern University, of Chicago, came in fourth.

Federal Reserve Chairman Ben S. Bernanke congratulated the participating teams.

The teams were judged by Christopher Foote, a senior economist and policy advisor at the Federal Reserve Bank of Boston; Charles Stiendel, a senior vice president of the Federal Reserve Bank of New York; and John Weinberg, a senior vice president and director of research at the Federal Reserve Bank of Richmond.

The team included students Chencong Bao, of Shanghai, China; Teevrat Garg, of Haryana, India; Dylan McNamara, of Pasadena, Md.; Alex Petroulias, of East Quogue, N.Y.; Dan Stefan, of Haverford, Pa.; and Nick Stacey, of Mbabane, Swaziland. The team was coached by James DeVault and Julie Smith, associate economics professors who serve as team advisors.

The Moody's Foundation provided monetary awards for the College Fed Challenge winners and participants.

Lafayette College defeated James Madison University, of Harrisonburg, Va., and the University of North Carolina, of Chapel Hill, N.C., to win the event sponsored by the Fifth District that advanced them to the national competition.

The College Fed Challenge is an economics competition sponsored by Federal Reserve Banks across the country that encourages better understanding of the nation's central bank, the forces influencing economic conditions in the United States and abroad, and the ways the economy affects everyone's lives. In College Fed Challenge, teams give 20-minute presentations on monetary policy and are judged on content, teamwork, responses to questions, presentation and style.

The Richmond Fed serves the Fifth Federal Reserve District, which includes the District of Columbia, Maryland, North Carolina, South Carolina, Virginia and most of West Virginia. As part of the nation's central bank, we're one of 12 regional Reserve Banks that work together with the Federal Reserve's Board of Governors to strengthen the economy and our communities. We manage the nation's money supply to keep inflation low and help the economy grow. We also supervise and regulate financial institutions to help safeguard our nation's financial system and protect the integrity and efficiency of our payments system.


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