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ESU business management students learned a few lessons about 74 miles away from their traditional classroom last month. The students visited the Federal Reserve Bank of New York.

“Our students were afforded the opportunity to learn more about the New York region of the organization that sets interest rates and monetary policy,” Sheila Handy, Ph.D., professor and chair of business management, said. “As future business leaders they should be exposed to this current and very important information.”

The New York Federal Reserve Bank implements monetary policy, supervises and regulates financial institutions and helps maintain the nation’s payment systems. The interest rate the Federal Reserve sets impacts our daily lives.

As a part of the trip, students learned the history of the bank and its importance on the financial system in the United States. “Through the tour of the financial exhibit and lecture of the Federal Reserve’s role in monetary policy by Mrs. Nisha Daniel of the Federal Reserve, the students also gained a “big picture” viewpoint of how the central bank affects business decisions,” David Daniel, Assistant Professor, said. Students visited the Gold Vault and learned how the building was built, how cash is processed, how new currency is introduced into circulation and how old bills are destroyed.

“We wanted to educate students about the history of the bank and its importance on the financial system in the United States,” Qian Xie, Ph.D., associate professor of business management, said. “They learned the roles and responsibilities of the Federal Reserve.”

For more information on the business management department contact Dr. Handy at 570-422-3181, or shandy@esu.edu.