Rutgers University, Newark Team Places 4th in National Finals of Federal Reserve Competition

More than 100 Teams Competed in 2010 Fed Challenge

A five-student team fielded by the Economics Department at Rutgers University in Newark came in fourth in the nation at the national finals of the College Fed Challenge.  The team represented the New York Federal Reserve District at the national finals, which were held at the offices of the Board of Governors of the Federal Reserve  System in Washington , D.C. , on Tuesday, Nov. 30.  The finals were the “capstone” to district competitions in which more than 100 teams competed throughout the country, according to a news release issued by the  Federal Reserve Board.

During the finals, which were won by  Bentley University, the Rutgers team competed against Northwestern University, Lafayette College, Bentley and Virginia Commonwealth University.

“It has been my great pleasure to again work with a fine group of bright, dedicated and hardworking students this year.  They represented Rutgers-Newark both in New York and at the national finals with great pride and dedication,” states Economics Department Chair John Graham, who coaches the Fed  Challenge team each year.  “I am proud of all their hard work and amazing accomplishments.  Our five student presenters this year were:  Victor Castaneda, Lakshya Aeri, Gassia Assadourian, Sher Singh and Henry Ruiz.   In addition, three other team members joined us in Washington for the finals:  George Tokarz, Ryan Carroll, and Andre Saharig.”  Graham is a South Orange resident.

The Rutgers-Newark team came in first place on Nov. 12 during regional finals of  the College Fed Challenge at the New York Federal Reserve, earning an engraved trophy. They bested teams from the State University of New York (SUNY)-Geneseo, Rutgers-New Brunswick, and SUNY-Binghamton.

This marks the third time in five years that a team from Rutgers University, Newark, has won this level of the competition.  In order to advance to the semi-finals, the team first won the preliminary round of its competition Nov. 8, competing against five teams from New York, Connecticut and New Jersey.  A total of 36 college teams competed in the first round, with only six advancing to the Nov. 12 competition at the New York Fed.

Two of this year’s team members are veterans from last year, Victor Castaneda and Lakshya Aeri.

The complete team roster is:

• Victor Castaneda, mathematics and economics majors, Class of 2012, Elizabeth,  N.J.;
• Lakshya Aeri, finance and accounting majors, Class of 2011, Jersey City, N.J.
• Gassia Assadourian, political science and economics majors, Class of 2011, River Vale, N.J.;
• Sher Singh, economics major, Class of 2012, Summit, N.J.;
• Henry M. Ruiz, finance and economics  majors, Class of 2011, Union City, N.J.;
• George Tokarz, finance and economics  majors, Class of 2011, Rutherford, N.J.;
• Ryan S. Carroll, finance and economics  majors, Class of 2011, Rumson, N.J.;
• Andre Saharig, economics major, Class of 2011, Newark, N.J.; and
• Mike Hogan, economics major, Class of 2011, Cranford N.J.

Rutgers-Newark has been part of the competition since 2005, explains Graham, and has advanced to the semi-final round at New York Federal Reserve Bank for the past five years in a row.  In three of the past five years (2010, 2009 and 2006), Rutgers-Newark took first place in New York, out of more than 30 schools entered each year.  In 2009 the team went on to place second in the national finals in Washington, D.C., beating teams from Harvard and Northwestern, notes Graham, and in 2006 the team placed third in the nation.

Rutgers-Newark teams have won a cumulative total of $50,000 in the competitions, from the Moody’s Foundation, according to Graham.  This year no prize money will be awarded.

In each round of the competitions, five members from each team act as if they are the monetary policy committee of the Federal Reserve, known as the Federal Open Market Committee, which makes the nation’s monetary decisions. Team members give a 20-minute presentation, including Power Point slides of data charts, and then conclude each presentation with a recommendation concerning the future stance of monetary policy.  With key short-term interest rates already near zero, the R-N team recommended continuing the Fed’s recently enacted program of large-scale asset purchases.

Finally, the panel of judges questions each team for 15 minutes, grilling them not only on their presentation and recommendation, but also the team’s overall knowledge of macroeconomics, how the Federal Reserve operates, and the major monetary issues facing the Fed. Each team is then scored in several categories, including teamwork, knowledge, and presentation skills.

For more information, please contact Carla Capizzi, 973/353-5263, or email: capizzi@rutgers.edu.