Office of Women and Minority Inclusion Releases First Annual Report to Congress

In March 2012, the Office of Minority and Women Inclusion (OMWI) of the Federal Reserve Bank of Chicago submitted its first Annual Report to Congress, covering the period January 1 to December 31, 2011. The report, required by Section 342 of the Dodd-Frank Act, summarizes a wide variety of practices at the Chicago Fed that foster diversity and inclusion in areas related to the Bank’s workforce, suppliers and financial literacy outreach initiatives. Additionally, the document describes the efforts undertaken by the Bank in 2011 to create its Office of Diversity and Inclusion and its Corporate Social Responsibility Council and Framework, and it provides an overview of issues affecting human capital, businesses and financial education in the Seventh District as they relate to women and minorities

The Chicago Reserve Bank’s efforts to promote diversity and inclusion would not be possible without collaboration with many community and business partners, many of whom are highlighted in the report. For additional information, please click here.

High School Students from Across Chicago Spend a Day at the Fed

On February 15, 2012, the Federal Reserve Bank of Chicago opened its doors to Junior Achievement (JA) of Chicago and more than 90 students from three city-based high schools:  Percy Julian, Schurz and Young Women Leadership Charter School (YWLCS), for a day at the Fed. As it celebrates the twentieth anniversary of its partnership with JA, the Bank is planning a series of events in 2012, of which this “JA in a Day at the Fed” was the first. 

JA is a global organization with chapters in many cities, dedicated to educating students about workforce readiness, entrepreneurship and financial literacy through experiential, hands-on programs. As part of its commitment to Corporate Social Responsibility, the Bank has embarked in a number of partnerships that bring financial literacy and mentoring opportunities to girls’ high schools and high schools with a majority of their student population designated as minority. These events rely mainly on volunteers from the Bank willing to spend some of their time teaching and inspiring young men and women.

On behalf of the Bank’s Office of Diversity and Inclusion, Senior Vice President Valerie Van Meter kicked-off the day by thanking Bank staff volunteers and JA partners, and welcoming the schools. During the day, the students learned what the Fed does and why controlling inflation is so important. They also toured the Money Museum, and participated in activities that increased their self-knowledge and challenged them to think about the pros and cons of entering the world of work right after high school versus continuing their education by going to college.

“JA in a Day” allowed employee Norman Baldwin from Statistics to introduce to students concepts and ideas he wasn't exposed to at their age. “Some may argue that that fifteen or sixteen is too early to begin planning a career,” he said, “but in a job market with steadily increasing competition, students need to prepare themselves much earlier than I did.” A total of eight volunteers from the Bank participated in the event as teachers.

Coming to the Bank is not only a great educational experience for the high-schoolers, but also an opportunity for the schools and the Fed to develop closer partnerships and learn more about each other. Many of these public high schools rely on partnerships with corporations and entities like the Fed to fully flesh out their curriculums and offer teachers and students programs outside of their classrooms. Jessica Tansey, Volunteer and Programs Coordinator at YWLCS was “thrilled” to hear teachers and students talk about how much fun they had participating in activities, touring the Money Museum, and having shredded money to take home. For more information about the Chicago Fed’s commitment to financial literacy and mentoring in high schools, contact Roberto Requejo at (312) 322-2125 or via e-mail.

Chicago Fed Partnership with Junior Achievement and Local Schools Turns 20

The year 2012 will mark the 20th anniversary of the Chicago Fed’s partnership with nonprofit Junior Achievement (JA). The JA’s mission is to inspire and prepare young people to succeed in a global economy. The Chicago Fed will continue offering staff volunteers in Chicago and Detroit to teach students about financial literacy and encourage them to pursue business careers. Over the past 19 years, Bank volunteers have visited over 350 K-12 classrooms, and more than 400 students have participated in Job Shadowing Days at the Fed. A group of volunteers coordinates a “Bowl-a-Thon” fundraiser every year, which has raised over $50,000 to date for JA. The partnership with JA connects several pillars of the Bank’s Corporate Social Responsibility strategy, including financial literacy, economic education, outreach and volunteerism.

In 2012, Chicago-based Bank volunteers will have the opportunity to support high school students through a number of events in partnership with JA and three local high schools: Young Women Leadership Charter School, Percy Julian and Schurz. Students from these high schools will visit the Bank to participate in “JA in a Day at the Fed,” a daylong session of economics and finance mini courses taught by Bank employees. The Bank is also offering an “Ask the Expert” program, which connects employees with classrooms where they can share career experiences with students.

In Detroit, Hamtramck High School students will learn economics and finance in the coming year, and will also participate in the "JA Be Entrepreneurial" competition, an interdisciplinary program that supports the attainment of academic standards in entrepreneurship while helping students develop and organize their own business plans. Both Chicago and Detroit offices will continue offering Job Shadowing Days in 2012.

Guided by the Corporate Social Responsibility Council, the Bank takes a holistic approach to its varied responsibilities, seeking to connect its internal and external practices with key initiatives that include:

1. Diversity & Inclusion
   The Bank supports a diverse and inclusive work environment where employees are respected, treated fairly, and given equal opportunities to perform to their fullest potential.
   
   
2. Supplier Diversity
   The Bank recognizes the importance of a diverse supplier base and is committed to including minority- and women-owned businesses in its procurement program.
   
   
3. Financial Literacy
   Money Smart Week is a series of free classes and activities designed to help consumers better manage their personal finances.
   
   
4. Economic Education
   Fed Challenge is an academic competition that provides students grades 9-12 the opportunity to study the U.S. economy through the lens of the U.S. Central Bank.
   
   
5. Community Development & Policy Studies
   The principal mission of the Community Development & Policy Studies division is to support economic growth objectives by studying and promoting fair access to financial services.
   
   
6. Regional Economic Outreach
   Economists at the Federal Reserve Bank of Chicago routinely carry out, and communicate the results of, a wide variety of research that relates to the welfare of the Midwestern economy.
   
7. Environmentalism
   The Federal Reserve Bank of Chicago incorporates into its daily activities a range of business practices that contribute to a cleaner and healthier environment.
   
   
8. Volunteerism
   Federal Reserve Bank of Chicago staff members participate on a regular basis in a variety of volunteer activities that help individuals and promote stronger communities.