Kids can learn about goods and resources every time we go shopping and discuss income and expenses. There's so much more to discuss. Economist study business climate, the labor market, drivers in fluctuations in oil prices, inflation, and foreign exchange. President Wilson signed the Federal Reserve Act in 1913. The US needed a system to stabilize markets, promote financial stability, and setting monetary policy. Consumers needed confidence and protection and federal banks could ensure banks remained compliant with consumer protection laws. Bank mergers and acquisitions could be reviewed at the federal level. The economist and government helped identify solutions to the stock market crash of 1929 and 1987 and financial crisis of 2007-2008.
History, economics, politics, and business can come together in stories. In 1933, President Franklin Roosevelt needed to rebuild confidence in banking and Congress passed the Emergency Banking Act. It allowed twelve Federal Reserve Banks to issue additional currency. Later, the 1933 Banking Act formed the Federal Deposit Insurance Corporation (FDIC).
If you want to bring the concepts alive, consider visiting a money museum. Please note you'll need to pass security and show government-issue photo id for such government run money museums. We took the kids to the Federal Reserve Bank of Kansas City The Money Museum (1 Memorial Drive, open 9:30-4PM). When you enter, you'll see the Harry S. Truman Coin Collection containing over 500 historic coins. The exhibit includes a $40 million wall with $40 million stacked up. See a gold bar worth nearly $500K (depends on the timing). Kids also learn about counterfeit at an exhibit explaining security features designed in currency. At the end, the employees gave each kid a small bag of shredded cash. That may have created the most excitement.
Here's five more free entrance places to learn about the economy and banking:
1. Federal Reserve Bank of New York, New York, NY (44 Maiden Lane), M-F 1 & 2PM one hour tours, limited space for public tours and registration opens 30 days prior to requested date, no strollers, no late entrance, security screening first
2. Atlanta Money Museum, Atlanta, GA (1000 Peachtree Street NE), M-F 9AM-4PM self-guided tours, M-F guided tours at 9:30 AM, 11AM, and 1PM, vie of the banks' automated vault and cash processing area, see robotic transportation, see where dollars are counted, sorted, and shredded daily
3. Chicago Fed's Money Museum, Chicago, IL (Federal Reserve Bank on 230 South LaSalle St), M-F 8:30-5PM, 45 minute self guided tour, 30 minute guided tour M-F 1PM4. Detroit Branch Visitors Center, Detroit, MI (1600 East Warren Avenue), M-Thur. 9AM-4PM, one hour tours
5. The Denver Money Museum, Denver, CO, (1020 16th St), free, kids can use crayons to design currency, learn the history of the Federal Reserve
No comments:
Post a Comment