Financial Update (October-December 2001)


Cover Story

Economic Education

New MICR Standard

Credit Unions’ Risk and Membership


Did You Know?

Data Bank

The Docket

New Economic Education Web Site

Economic Education Web Site

The Federal Reserve has unveiled a new economic education Web site with an easy-to-remember URL: The site was designed primarily to serve the needs of high-school and college economics and social studies classes, but the user-friendly format makes the information accessible for students of all ages as well as the general public.

In a statement announcing the new site, Federal Reserve Chairman Alan Greenspan said, “The Fed has actively promoted economic education and better public understanding of the roles of the Federal Reserve for many years. This Web site is intended to improve the information resources available to educators, students and others with an interest in the Federal Reserve and how it works.”

The Web site helps answer some of the frequently asked questions about the Fed’s purposes and functions. Covering a wide array of topics from the Fed’s history to how the central bank changes short-term interest rates to combat inflation or spur economic growth, the content-rich site includes FED101, an interactive supplement to traditional classroom curriculum.

In the FED101 portion of the Web site, educators and students will find interviews with many of the Federal Reserve Bank presidents, a virtual bank exam and a chance to play an interactive game called “Fed Clue.”

The site also provides a way for users to order the Fed’s educational video, “The Fed Today,” narrated by television and radio newsman Charles Osgood. A teacher’s guide is provided to accompany the video.

In addition, users will find links to contact each of the 12 Reserve Banks and the Board of Governors in Washington to order materials and obtain information about educational programs at the District level.