FED CHALLENGE

by John Rosicky
The 2009 PGCC Fed Challenge team beat out Frederick Community College in winning the Richmond Regional Fed Challenge competition on Wednesday, November 4th. The competition was held at the Baltimore branch of the Richmond District Federal Reserve Bank in Baltimore, Maryland. The team comprised of Kien Bui, Adrian Byrd, Ayo Fakorede, Erik Vadalma and Kevin O'Connell . They made their presentations to a team of Federal Reserve judges on policy decisions regarding interest rates and other strategies to help the economy recover from its longest recession since the Great Depression of the 1930's. A series of questions followed the twenty minute presentation regarding technical aspects of the Federal Reserve's policies and functions.
"These guys really nailed the Q & A," explained Bill Knight, Professor of Economics and the coach of the team. "The content of their presentation was right on, the delivery went smoother than any of our practices, and these scholars demonstrated to the panel of judges their comprehensive knowledge of the state of the economy, monetary policy and the role of the Fed."
The Fed Challenge is a national academic competition that is designed to promote a better understanding of the role of the Federal Reserve System in the economy. The competition is divided into three categories: four year colleges, two year colleges and high schools. This victory qualifies the team to compete in the national Fed Challenge tournament to be held on December 8th.
PGCC won the national competition in 2006, placed second in the nation in 2007 and third in 2008. "I hope this isn't a trend line," said Knight. "I'm extremely confident that this group of dedicated, intelligent, committed and hard-working young men has what it takes to bring home another national trophy." The 2007 trophy, and other Fed Challenge awards, is on display in room 2054 in Marlboro Hall.
Among other benefits, the national champions win money for both themselves and the school, and an opportunity for an internship at the Fed. "The present value of that internship is worth far more than the prize money as far as I'm concerned," said Knight. "I'd like to figure out a way to buy a futures contract in these guys' professional careers."
Fed Challenge team members begin by enrolling in ECN 1990 in the spring semester. The class usually meets on Wednesday afternoons. Here, the basics of monetary policy and the economic role of the Federal Reserve System are covered. This is a three credit class that transfers as a social science elective to a university. Team members are selected from the best of those students. Then, in the fall semester, the prospective team members enroll in ECN 2990. This is a one credit class where the research is performed, presentations are practiced and the competition takes place.
If you are interested in becoming a member of the 2010 Fed Challenge team, drop by Professor Knight's office in Marlboro Hall, room 2019, or call his office at (301) 322-0528.