For Immediate Release —Nov. 14, 2008
Contact:
David Irwin
Media Relations Manager
(585) 245-5516
irwin@geneseo.edu

SUNY Geneseo Fed Challenge Team Advancing to District Competition

GENESEO, N.Y. – The State University of New York at Geneseo’s Fed Challenge team, which placed second behind Harvard last year at the national finals, will be competing in the Federal Reserve’s Second District competition Nov. 21 with hopes of again advancing to the nationals.

The six-member Geneseo team won the western New York competition Nov. 3, defeating Hamilton College and the University of Rochester, which placed second and third, respectively.  Other teams in the Nov. 3 competition were from Binghamton University, Ithaca College, Niagara College and St. Lawrence University.  The victory earned Geneseo a spot in the Second District competition next week in New York City, where it will face teams from New York University, the University of Pennsylvania, Rutgers (New Brunswick, N.J. and Newark, N.J.), Pace University, Hunter College, and Housatonic Community College.  A win at the district competition would send Geneseo to the national competition in Washington, D.C. in December.

“This has been a particularly difficult year for the team because of the instability of the financial markets,” said Léonie Stone, assistant professor of economics in the School of Business and the team’s adviser.  "But we have an exceptionally talented team that is working very hard, plus a great deal of support from the college community.  We have high hopes for the district round."

The Federal Reserve’s Second District comprises New York state, numerous counties in New Jersey and Fairfield County in Connecticut.

The Fed Challenge is sponsored by the Federal Reserve Bank of New York and helps students become more knowledgeable about monetary policy and develops critical-thinking and research skills.  A team’s participation in the competition involves two parts: a 20-minute presentation and 15-minute Q & A session led by a panel of judges composed of economics professionals, college faculty and/or Fed officials.  The presentation includes a discussion of current economic and financial conditions, near-term forecasts of economic and financial conditions, identification of risks that threaten the economic well-being of the country, and recommendations on action the Fed should take regarding short-term interest rates. 

Geneseo team presenters are seniors Gregory Kaleka, Chad Salitan, Nathaniel Stevens, David Murphy and Ryan McKenna.  Senior Michael Yang serves as an alternate.