By Sydni Walker
The Economics and Finance Society of Texas A&M University-Commerce recently took its yearly trip to visit the Federal Reserve Bank of Dallas. The Federal Reserve Bank in Texas is one of only twelve in the United States.
“This trip was very important because although we learn about monetary policies in class, it is hard to picture it in a real-life setting,” said Monica Kabutey, student in the Economics and Finance Society. “Going on a tour to the Federal Reserve gave me a better understanding of all the things I learned in class.”
The Economics and Finance Society, led by Dr. Al Gormus, economics and finance professor at A&M-Commerce, were educated on the 125-year history of the Reserve and its functional roles in the U.S. financial economy. They learned about the eleven setups of the Reserve, and how the U.S. dollar is printed, circulated and shredded.
“This tour offered insight into various financial and economic milestones, such as the introduction of the coin, the first dollar bill, the struggle to establish a Federal Reserve Bank, the effects of the Civil War and other political events,” said Nishanth Arepalli, another student member of the Economics and Finance Society. “It was awesome to see the first electronic machinery used by banks, and the most interesting topic I learned about was the history of counterfeit bills and the programs in place to ensure they end up in the shredder.”
The Federal Reserve has three main duties: to conduct the nation’s monetary policy, to provide and maintain an effective and efficient payments system and to supervise and regulate banking operations.
The Economics and Finance Society at A&M-Commerce is a student organization within the College of Business. Their focus is to assist the professional, educational and social development of students interested in finance and economics.
For more information on the Economics and Finance Society at A&M-Commerce, contact faculty advisor Al Gormus at [email protected]