Inaugural “Reserve Cup” at Boston Fed

New England Teens to Compete – Leaders to Convene on Economic & Financial Literacy Youth Strategies

November 21st, 2006 (Boston, MA) – Four Coventry High School ladies will represent Rhode Island among five other New England State teams vying for the first “Reserve Cup” at the Federal Reserve Bank of Boston (FRBB) to highlight the importance of economic and financial literacy in our region’s schools.

Cathy E. Minehan, President & CEO of the FRBB underscores the rationale for the Bank’s new regional campaign, “Understanding economics and making sound financial decisions have become essential skills for the 21st century.  Unfortunately, New England lags behind much of the country in teaching these skills to our young people.  We at the Federal Reserve Bank of Boston would like to help the region address this issue.”

“Reserve Cup” is the kick-off event for the Bank's Economic Literacy Campaign.  The goal of the campaign is to raise awareness in the region amongst decision makers and the general public for the need for enhanced financial literacy and economic content in the curricula of the schools.

Agenda:

1:30 PM – taping of the Reserve Cup (to be aired on NECN later this year), Lasker Auditorium on the ground floor of the Federal Reserve Bank of Boston.  Youth participants will compete in an “quiz-bow,” answering questions on economics and financial literacy.

3:30 PM – Receptions / Forums:  Youth Reception - Bank’s Fourth Floor Cafeteria.  Youth participants will socialize and participate in an exercise on trade.

Adult Policy Forum / Reception - Bank's 32nd floor Harborview Restaurant

Cathy Minehan, the President and CEO of the Federal Reserve Bank of Boston will be joined by Robert Duvall, President & CEO of the National Council of Economic Education, Laura Levine, President of the national Jump$tart Coalition, and many other business and policy leaders from throughout New England to discuss regional education strategies.

Policy representatives from Rhode Island include, General Treasurer-Elect, Frank Caprio, Auditor General Ernest Almonte, RI Jump$tart Coalition Directors, Claudia M. Kerbel and Professor Paul Maloney and other executives from the financial services and non-profit sectors.

The team from Coventry High Schools is coordinated by Kathy Woodard, Business Teacher and is comprised of: Katelyn Palmer, Maura Ryan, Samantha Struebing, Michaela Dion and Elizabeth Papa (alternate)

Members of the Press are welcome at all events and should contact George “Scott” Guild, of the FRBB at 617.973.3639.Rhode Island involvement has been coordinated by the Rhode Island Jump$tart Coalition for Financial Literacy.

The Rhode Island Jump$tart Coalition (founded in 2004) is an coalition of dozens of Ocean State and New England region businesses, community organizations, educational institutions, government agencies and officers. The coalition¹s mission is “to increase the financial literacy of individuals in Rhode Island.”  The coalition¹s website is www.rijumpstart.org

In 2006, for the first time, Rhode Island high school seniors participated in the national Jump$tart Coalition personal financial literacy survey that measures teenagers¹ knowledge of personal financial literacy topics. Rhode Island high school seniors answered 48.8% of the questions correctly. The national average was 52.4%.  For more details on the national survey, please click here.

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