Pace University on Friday won the 16th annual national College Fed Challenge, a competition held by the Federal Reserve to encourage students to learn about the U.S. economy, monetary policymaking and the Fed’s role.
The university’s team, from New York City, represented the New York Federal Reserve District and included Scarlett Bekus, Joseph Drennan, Sean Freda, Marissa Kleinbauer, and Dylan Seals, the Fed said in a release. The team’s faculty adviser was Gregory Colman.
It’s not Pace University’s first time in the winner’s circle: The university’s team has also won in past College Fed Challenges, including in 2017, 2015, and 2014.
This year, the finals were held at the Fed Board of Governors as the capstone to five district competitions held around the country. The other national finalists were second place: Harvard College, with honorable mentions for Loyola University Maryland, The University of Chicago, and University of Pennsylvania. College Fed Challenge is a team competition for undergraduate students. Teams analyze economic and financial conditions and formulate a monetary policy recommendation, modeling the Federal Open Market Committee.
In addition to educating the public about the Fed’s role, the competition “is also intended to promote interest in economics and finance as fields for advanced study and careers,” said Fed Board Chair Jerome H. (“Jay”) Powell.
Teams competing in the College Fed Challenge finals gave 15-minute presentations and answered questions for a panel of judges. Teams were evaluated on economic analysis, responses to judges’ questions, teamwork, and presentation.