March 22, 2004

For Immediate Release

SF Fed Officials and High School Seniors Preview the Fed Center
A new exhibit combines design and whimsy
to teach fundamentals of the U.S. Central Bank

SAN FRANCISCO, March 22, 2004— An enthusiastic group of Menlo Atherton High School seniors joined San Francisco Federal Reserve Bank First Vice President and Chief Operating Officer John F. Moore, and Vice President for Public Information and Community Affairs Joy K. Hoffmann, in previewing the SF Fed’s new eye-popping economics exhibit this morning. The exhibit – The Fed Center: Exploring our Nation’s Central Bank – opens to public tours by advance reservation on April 1 and is designed to engage high school students and life-long learners in the role the Federal Reserve plays in the economy. Thought-provoking icons and compelling interactive exhibits invite visitors to discover the importance of the Fed by making functions such as monetary policy, the payments system, and banking supervision understandable and relevant to their lives.

Click on an image for larger version. Fed Center Fact Sheet (PDF - 26KB) Exhibit Elements (PDF - 34KB)

Moore welcomed the students and their teacher to the Bank as the first public group to experience the new exhibit. “We want you and future visitors to leave here with an appreciation for how and why the U.S. central bank helps ensure a stable economy. We also want you to know how the actions of the Federal Reserve affect your day-to-day financial transactions and decisions. And we hope you’ll have fun as you learn.”

Students toured the Fed Center, first viewing with Hoffmann one of the most complete collections of U.S. currency, and then stopping at interactive icons along the way, such as a giant, free-floating sphere representing the U.S. economy on which visitors use magnets to subtly influence its movements. Touch-screen games nearby allow players to be Alan Greenspan and adjust the federal funds rate, providing interesting results depending on the different choices the players make.

Another stop along the tour included a discussion with Moore, who is also head of the Federal Reserve System’s Cash Product Office. In front of a virtual waterfall of electronic numbers, Moore explained the workings of the payments system – the billions of dollars in electronic transfers, checks, and cash that move through the Federal Reserve every day. Interactive stations in this area invite students to test their skills at detecting counterfeit notes and view stacks of strapped bundles representing $3.2 million in cash.

California is one of fourteen states requiring high school students to complete an economics course in order to graduate. Menlo Atherton High economics teacher Ron Weiss noted, “As a teacher, I’m always looking for fresh and interesting ways to present an economics lesson. Whether they’re applying for a college loan or getting their first job, it’s important for young people to understand how economic conditions can affect the choices they make. The Fed Center certainly provides relevant information to students in a way that’s fun and easy to absorb.”

Other iconic modules in the Fed Center include a giant safe suspended by cables and anchored to the wall by a combination of regulations and market forces, and a fourteen-foot tilting chair representing the overall economy that tips when shocks are felt, but that comes back into balance when the Fed acts to counter the shocks, as it did on 9/11.

Located at 101 Market Street in San Francisco, the Bank offers a 90-minute tour, which consists of a guided visit to the Fed Center as well as short visits to the checks and cash departments. Tours are offered by advance reservation only, Monday through Thursday at 9:30 a.m. and 1:30 p.m. Tours are available to high school and college classes, community groups, banker groups, or other groups who wish to learn more about the Federal Reserve, money, banking, and economics. Tour groups will include a minimum of 10 and maximum of 30. Individuals who are interested may be assigned to groups when space is available. The Fed Center will also be open by 24-hour advance reservation to the public on Fridays from 12 – 1:00 p.m. Space is limited to the first 30 people who call to reserve space.

To request a tour reservation, call Public Information tour hot line at (415) 974-3252 and leave a request on voicemail, or log on at http://www.frbsf.org/federalreserve/visit/tours.html and click on “request a tour.”

###