THE CEE REPORT WINTER 2017 “Educating the youth of our nation is vital to prepare them for the roles they will step into in the future—as leaders, teachers, parents, and citizens. An understanding of finance and economic principles provides a foundation on which they can grow through high school, college, and beyond.” –Frank Bisignano You’re never too young Chairman and CEO, First Data to learn about money 2016 Visionary Awards Honoree

UPCOMING EVENTS 2016 VISIONARY AWARDS:

17TH ANNUAL ANOTHER RECORD-BREAKING YEAR! NATIONAL ECONOMICS Last October, CEE held its 11th annual We would like to thank all of our Sponsors CHALLENGE FINALS Visionary Awards dinner honoring: Frank and Benefactors who supported this event. Hosted by Bisignano, Chairman and CEO at First The evening was a great success with 330 CNBC’s Steve Liesman Data; Richard Edelman, President and CEO guests in attendance. During the evening, May 20–22, 2017 at Edelman; Glenn Hubbard, Dean and attendees enjoyed a thought-provoking and New York, NY Russell L. Carson Professor of Finance and entertaining fireside chat with the honorees Economics at Columbia Business School; moderated by Steve Liesman, CNBC Senior 56TH ANNUAL and Arianna Huffington, Founder of The Economics Reporter. FINANCIAL LITERACY Huffington Post and Founder and CEO of We are excited to announce that we AND ECONOMIC Thrive Global. met our $25,000 Challenge Grant that was EDUCATION The Alfred P. Sloan Foundation Teaching generously given by Meg and Doug Pearson; Champion Awards were presented to: and our Board Members Nancy Ertag-Brand CONFERENCE Theresa Fischer, 12th Grade Teacher of and Samantha Kappagoda. We raised over October 5–7, 2017 AP Macroeconomics, AP Microeconomics, $800,000—another record breaking year! The New York Marriott at the Brooklyn Economics, and Government & Politics Bridge, Brooklyn, NY at Ridgefield High School, Ridgefield, CT; Please join us for the 2017 Visionary Jonathan Joseph, 12th Grade Teacher of 12TH ANNUAL Awards dinner on Wednesday, October 25th Economics, Honors Economics, Economics at The Plaza Hotel in New York City. To VISIONARY AWARDS and Sports at White Plains High School, purchase a ticket, table sponsorship, or ad in October 25, 2017 White Plains, NY; and Gloria Schneider, our dinner program, please contact Tarnisha The Plaza Hotel, New York, NY 11/12th Grade Teacher of Economics, AP Smart, Senior Director of Development at 212- Economics at SAR High School, Bronx, NY. 730-6704 or [email protected]. If you are interested in attending or would like more information on events, please contact Tarnisha Smart at 212.730.6704 or [email protected].

CONTACT US

Council for Economic Education 122 East 42nd Street, Suite 2600 New York, NY 10168

www.councilforeconed.org

Teaching Opportunity ® www.facebook.com/ councilforeconed

@council4econed www.youtube.com/ EconomicEducation CEE CEO Nan J. Morrison, Richard Edelman, Steve Liesman, Arianna Huffington, Glenn Hubbard, and Frank Bisignano

CEE Report Winter2017_10fx.indd 1 1/26/17 10:31 AM IN THE STATES CEO CORNER FOCUS ON OHIO Note from Nan In the summer of 2016, CEE hosted Your generosity and support has a Presidential helped us continue to bring economic Convention event at and personal finance education into the RNC in Cleveland and celebrated the schools nationwide, providing children passage of recent with the tools they need to make better legislation extending decisions for themselves, their fami- the Smart State lies, their communities, and our coun- financial literacy try. program to Ohio. It was a great opportunity The Council was the first non-prof- to highlight a model it educational organization dedicated that has proven to be to bringing economic and personal successful in a number of states already (e.g., finance education to grades K-12. We A student gets help writing a check for her purchases at continue to be the first in every aspect Tennessee, Texas) and use the energy of the the StEP Store of this endeavor: innovating, advocat- recent launch of the ing, developing resources, educating program in Ohio to number of students (over 5,300) and providing thought leadership. Our encourage adoption in other states. with their signature direct-to-student 2016 accomplishments, highlighted in The Economics Center at the program, StEP. This program focuses on students in grades 3-5 this issue (page 3), detail how we’ve University of Cincinnati enjoyed a pivotal year in 2016 on several and incorporates an incentive-based, done so. fronts. The Ohio state legislature and experiential curriculum. Students As we move into the new year, we will the governor approved $318,000 of earn StEP Bucks for attendance, continue to work to level the playing funding for the launch of Smart Ohio, good behavior and performance, field with the expansion of core pro- a statewide financial literacy initiative developing their human capital. Once a quarter, a store is set up grams for low and moderate income focused on the elementary grades. The parameters of the project call for in the school where students are students and their families, introduce training 500 teachers this academic given the opportunity to spend their engaging new resources, and leverage year. earnings, save (for big ticket items), technology to meet teachers where A new digital platform, $martPath, and/or donate to a charity of the they are with what they need across the a free, in-class resource for teachers classroom’s choosing. The program incorporates business volunteers curriculum (Please see 2017 Looking in grades 1-6, won two national curriculum awards and forms the from the community to staff the Ahead on page 5). curricular basis for Smart Ohio. Four school stores allowing students We thank our generous supporters other states are currently using the to develop their soft skills, as well from 2016, and look forward to wel- platform as well; the standards are as their decision-making skills. coming new champions for financial customizable. The platform utilizes Students are given a “bonus” if they shake the volunteer’s hand, make and economic education for our chil- animated videos, in-class activities, and interactives as each grade tells eye contact, and engage in small dren in 2017. a story. talk. Metrics indicate increases in on-time attendance rates and StEP (Student Enterprise Program) academic performance, decreases in Ohio Council on Economic behavioral infractions, and increases Education also reached a record in savings rates from year to year.

LEAVE A LEGACY OF LEARNING

Support CEE to continue making economics and personal finance a priority in our schools. By making a planned gift today, you will make Nan J. Morrison a difference in the lives of future generations. Nan J. Morrison President & CEO Learn more: http://councilforeconed.org/planned-giving

PAGE 2 THE CEE REPORT | WINTER 2017

CEE Report Winter2017_10fx.indd 2 1/26/17 10:31 AM FULFILLING THE MISSION 2016 Accomplishments In 2016, CEE made significant strides in carrying out our strategic goals and fulfilling our larger mission. We’ve included below a few of our key 2016 accomplishments in each of our core focus areas:

MEET THE TEACHERS WHERE THEY ARE n Engaged prominent economists as judges for the final WITH WHAT THEY NEED quiz bowl, including Charles Calomiris (Columbia Business School), Bruce Kasman (JP Morgan), Michelle Meyer n Over 1 million unique visitors used EconEdLink – our online (Bank of America Merrill Lynch), and Mark Zandi (Moody’s educator gateway with hundreds of free lesson plans and Analytics) interactive classroom resources n Launched a variety of new topic modules on EconEdLink: MOVE THE BALL FORWARD IN THE DRIVE Election Economics, Investing in a College Education, TO SUPPORT MORE PERSONAL FINANCE Behavioral Economics, AP Macroeconomics, and AND ECONOMICS REQUIREMENTS AND Understanding Fiscal Responsibility TEACHING IN STATES n Our investment in EconEdLink paid dividends with registrations up almost 50% and pages per visit up over 40% n CEE’s biennial 2016 Survey of the States report documenting the state of economic and financial education in all 50 n Expanded our reach to math teachers – page views for our states and the District of Columbia generated over 1,000 Math in the Real World resources tripled over prior year press mentions, including coverage from CNBC, Education n Provided in-person professional development to thousands Week, the Wall Street Journal, and Knowledge@Wharton of teachers nationwide – 63% were from Title I schools n Convened policy luncheons highlighting the need for n More than 450 educators from 33 states attended our financial literacy education at each of the presidential 55th Annual Financial Literacy and Economic Education conventions Conference in Phoenix, Arizona THOUGHT LEADERSHIP AND VISIBILITY ACHIEVE SCALE AND SUSTAINABILITY FOR OUR NATIONAL CENTER FOR n CEO Nan J. Morrison was a featured speaker at the Alabama ECONOMIC AND FINANCIAL EDUCATION Economics Club, the National Summit on Solutions for Student Debt, New York University’s E-School for Girls event, n Reached nearly 3,000 teachers through our New York-based and the Guardian Community College Conference National Center for Economic and Financial Education – n CEO quoted in the New York Times, the Philadelphia Inquirer, 73% of teachers were from Title I schools and NBC News Online n Continued to receive high marks from educators on the n CEO selected as a judge for the American Bankers quality of our programs, with 96% saying they would Association’s Community Commitment Awards recommend them to a colleague n Over 500 K-12 students participated in our national video n Hosted our first Family Financial Literacy Nights in New York contest which asked students to provide economic advice City, which were lauded by parents, teachers, and students, to the next president and were covered by NY1 n Hosted renowned economists as speakers through our Vantage Point series, including Richard Clarida (Columbia GROW AND SUSTAIN OUR SIGNATURE University), Alan Krueger (Princeton University), and Larry PROGRAM, CEE’S NATIONAL ECONOMICS Summers (Harvard University) CHALLENGE (NEC)

n More than 10,000 students competed from 44 states n Held the NEC finals in NYC – emceed by CNBC’s Senior Economics Reporter Steve Liesman, covered live on CNBC’s Power Lunch and Squawk Box with additional coverage on the Nightly Business Report

THE CEE REPORT | WINTER 2017 PAGE 3

CEE Report Winter2017_10fx.indd 3 1/26/17 10:31 AM CEE EVENTS

55TH ANNUAL FINANCIAL LITERACY AND ECONOMIC EDUCATION CONFERENCE Last year’s Conference hosted by our affiliate, the Arizona Council on Economic Education, was a great success with over 450 attending including K-12 teachers, our CEE affiliates, industry thought-leaders and partners. Over 250 K–12 teachers from 33 states attended, many on scholarships provided by CEE. Attendees participated in over 125 professional development sessions on topics that included pedagogy and resources, curriculum strategy for schools/school districts, teaching strategies and assessment and research on economic and financial education for elementary, middle and high school levels. Distinguished speakers included our Keynote, David Wessel, Director, The Hutchins Center on Fiscal and Monetary Mary Daly speaking on the correlation of a college education Policy, The Brookings Institution and Michael E. Staten, Take Charge and economic mobility at the teacher’s luncheon America Endowed Professor and Director, Take Charge America Institute for Consumer Financial Education and Research & Assistant Dean for Careers, Commerce and Industry. At the Teachers’ Awards Recognition Luncheon, Mary Daly, Senior Vice President and Associate Director of Research, Federal Reserve Bank of San Francisco addressed our teachers. CEE honored three national educators in the elementary, middle and high school levels for excellence in economic and financial education with The John Morton Excellence in the Teaching of Economics Awards. The awards were presented to Gina Boyd, Mayflower Mill Elementary School, Lafayette, Indiana; Patricia Dennis, Sonora Middle School, Springdale, Arkansas; Brian Page, Gina Boyd, John Morton, CEE CEO Nan J. and Jacob Clifford, San Pasqual High School, Escondido, California. Morrison, Jacob Clifford, and Patricia Dennis

A teacher’s experience at the conference: “I really enjoyed attending the conference. I came away from each workshop with some practical tools. I got together with a friend that I knew from a school I once taught at and we made sure to attend different classes so that we could share the information with each other. We have already exchanged ideas and resources. I also enjoyed walking around the exhibit tables and got several resources. I will definitely make an effort to attend future conferences as it was a worthwhile event that will enhance my career. Thanks again for this wonderful opportunity.” – Pennsylvania Teacher

PAGE 4 THE CEE REPORT | WINTER 2017

CEE Report Winter2017_10fx.indd 4 1/26/17 10:31 AM 2017 LOOKING AHEAD

Thanks to you, CEE has made significant strides in carrying out our strategic goals and fulfilling our mission. As we look ahead to 2017, with your continued support we will expand our reach, renew our core programs, introduce engaging new resources, and solidify our technological infrastructure. Our 2017 goals include:

NATIONAL ECONOMICS CHALLENGE (NEC) • Maintain student participation of over 10,000, and continue efforts to have student representation from all 50 states • Expand connections to NEC alumni • Create volunteer and sponsorship opportunities • Connect talented participants to internship and employment opportunities

Learn more: www.nationaleconomicschallenge.org

NEW YORK METRO AREA PROGRAMMING • Carry out a full slate of in-person workshops, starting with 11 scheduled in the spring • Expand webinar offerings, including 16 scheduled in the spring • Launch a Master Teacher program open to K-12 educators and professors who have expertise both in content and adult education • Partner broadly with NY-area education organizations to expand reach • Support economic and financial education in less traditional markets including pre-service teachers, foster care, special needs and after school • Host an in-person New York State Economics Challenge for the first time

Learn more: councilforeconed.org/programs

ECONEDLINK • Add new topical modules, including Cybersecurity, Minecraft Economics, and others • Implement an improved instructional lesson design that helps teachers more easily access only what they want • Add and update content to ensure it stays fresh and relevant • Expand our “In the News” feature • Invest in our infrastructure

Learn more: www.econedlink.org

THE CEE REPORT | WINTER 2017 PAGE 5

CEE Report Winter2017_10fx.indd 5 1/26/17 10:31 AM 2016 DONOR HONOR ROLL

We would like to thank our donors who gave their support in 2016.

Champion ($500,000+) Kim Leslie Shafer Mario Gabelli State Farm Insurance Companies John J. Siegfried, Ph.D. Jennifer Gerold Gary H. Stern The Gordon and Llura Gund Foundation The Stiles-Nicholson Foundation Harry E. Gould, Jr. Champion ($250,000 to $499,999) Frank Tang Greater New York Councils, Boy Scouts Peter G. Peterson Foundation Kenneth L. Thome of America The Walton Family Foundation Holly Hess Groos Champion ($100,000 to $249,999) Jenny Van Leeuwen Harrington Alfred P. Sloan Foundation Henry & Elaine Kaufman Foundation, Inc. Bank of America Foundation Investor ($5,000 to $9,999) ADP Willard I. Hill, Jr. Fidelity Investments (FMR) Aetna Foundation Glenn Kaufman Barry G. Haimes Sharaf Al-Hariri Michelle A. Kaufman PwC Ajay Banga John A. Kent TD Bank Burke & Quick Partners LLC Richard Ketchum Verizon Foundation Chase Bank Daniel Kortick Wells Fargo Bank N.A. Maria Chrin Jeffrey M. Lacker Frank D’Amelio Beth P Leventhal President ($50,000 to $99,999) Russell Glass Felicia Lipson Experian Cindy Golub Michael A. MacDowell HSBC Bank USA, N.A. Haimes Family Foundation Lateef Investment Management Moody’s Corporation Glenn Hubbard Marsh and McLennan Company Thrivent Financial Kikkoman Corporation Joe Monk The UPS Foundation Kirkland & Ellis LLP The Morris and Helen Messing Foundation Arkadi Kuhlmann Nan J. Morrison MetLife Foundation The William and Jo Ellen Odom Fund Educator ($25,000 to $49,999) Carl Ordemann Ally Cathy E. Minehan Partnership for New York City Discover Paul Montrone Christine Patton Edelman Melinda J. Mount Judith J. Plows First Data R. Madison Murphy Claudia Zeitz Poster Mellody Hobson John Overdeck Gerald Rosenfeld Marie-Josée and Henry R. Kravis Michael Rothfeld S. Buford Scott MasterCard Worldwide Joseph M. Schell Manish C. Shah Beth Kobliner Shaw Muriel F. Siebert Foundation Susan Tanaka Voya Financial Esta Stecher Anthony Tamer Kay Torshen William Wilby The Towbes Foundation Scholar ($10,000 to $24,999) The University of Arizona Foundation 1st Financial Bank USA Phil Wharton Andy Barth Saver ($1,000 to $4,999) Sally Wood Frank Bisignano Anonymous XAC Automation Corporation Capital One Foundation Harold Ames Russell Carson Barbara Bantivoglio Lisa and Dick Cashin Elizabeth Basden Supporter ($500 to $999) Laurence Ach CBRE Michael Bernstein Apple Bank Charles Schwab & Co., Inc. Robert Bernstein Mark Biderman Robert Alan Chlebowski David and Eunice Bigelow Stephen G. Buckles Dell EMC Scott Booth Deidre H. Campbell Hewlett-Packard Enterprise BTQ Financial Peter Chaffetz Nancy Ertag-Brand Harold Burson Frances D’Alessio Robert Fauber* Charles W. Calomiris Susan Doty FINRA The Calvin K. Kazanjian Economics Foundation Michael Eckstut Ford Motor Credit Company Lisa Caputo Pepi Ertag Mark T. Gallogly CEE-Japan T. Aldrich Finegan Golub Capital LLC The Chazen Foundation Penny Foley The Guardian Life Insurance Company of America Christopher Cheng Benjamin M. Friedman, Ph.D. The Jerome V. Bruni Foundation Coho Partners, Ltd. General Credit Forms Incorporated Mary Ann Johnson Compass Group Adam Gershuny Mitchell R. Julis Leon G. Cooperman Cynthia Hallenbeck Larry Kantor Joyce B. Cowin Maurine Haver Ann F. Kaplan Christine Cronin and Mark Hurst John E Herzog Samantha Kappagoda and David K.A. Mordecai Andrew Davidson George Hornig Morgan Stanley The Dickson Foundation, Inc. Elise Hubsher David W. Nelms Robert Duboff Robert J. Ivanhoe Doug Pearson Anita Durst Kwon-Yong Jin Peter R. & Cynthia K. Kellogg Foundation Yildiz Ferri Rostislav Kvilovski Gary Price Mark Fitzsimmons Xiaoyu Liu* Lowell Robinson Citadel Foundation Annamaria Lusardi S&P Global G4S

PAGE 6 THE CEE REPORT | WINTER 2017

CEE Report Winter2017_10fx.indd 6 1/26/17 10:31 AM 2016 DONOR HONOR ROLL

Jason Morganroth Amy Geffen Gregory H. Patterson Emily Kolinski Morris Andrew Gerringer Brian Pearson Seashore Striders Sylvie Gillard Cohen Ruth and Samuel Perelson John A. Sprague Stephanie Gisriel Ruth Plager Ranjit Thomas Goldman Sachs Gives James Poterba Tom Tormey Lawrie Givner Dick Rankin Hal R. Varian Michael Givner J. Diane Redd Andrew M. Wallach Robert A. Friedman and Jane Grenadier Friedman Steven Reisberg Lynne Wines Allen Gross Peter Remch Michael Haimes Matthew Russman Friend (Up to $499) Brad Hargreaves Ryan Labs, Inc. Anonymous Ted Hartsoe Sonali Salgado Louisa Aknin Elizabeth Healy David G. Samuels Stephane Aknin John Hearn Steven Saporta Amazon Smile Mary Ann Hewitt Pam B. Schafler Owen D. Ambur Vicki Holleman Lisa Schirf Alexis Andrews Ellen Hughes-Cromwick Shari Siegel Bruno Annicq Anne Infeld Stacy Silverman Patricia C. and Thomas C. Barron Information Specialists Group, Inc. Tarnisha Smart-Santiago Jon Bash Cadambi Janardhan Bruce A. Smith Richard Berner Michael Jeske Samantha Smith Chad Boarman Susan Kahaner Eliot Snider Charlotte Bourhis Alan R. Kahn Sysounthone Somboun George H. Boyd III Jeff Kivitz Cornelia St. Aubyn Chris Bujara Aaron Klein Jeanne-Mey Sun Caren Byrd* Jacquie Kouyoumjian Catherine Sweeney Chris Caltabiano Nikki Kristol Kenneth J. Taubes Lee A. Clair Jonathan Lamb GianMarco Taverna Robert L. Clinton Riza Laudin Daniel Thompson Lennette Coleman Daphne Layton Melodie M. Toby, PhD Sarah Coyne Joon-Suk Lee Shelby Toohey Tamiko Dargan Jennifer Leonard Brian Towers John Darlington Julian Leone Sean Tubridy Alexandra de Navacelle Zolidis James Lester Andrew Tuccio Reese Decker John Lipsky Bek Turaev Deutsche Bank Americas Foundation Deborah Lucas Wayne J. Vaughan Paul Dietche Brittany Lynch Lois A. Vitt Rochelle Diogenes Kathleen Massey Diego Viveros Jonathan Dodge Nazy Massoud Kelli Walton Thomas Dunn Michael McNamara Margaret G. Warren John Edwards* Kevin Moran Jesse Weiner Ingrid Ehrenberg Ursula Moran Oliver Wenner Alan B. Ettinger and Deborah M. Weisbrot Lila R. Morrison Kimberly White Jill and Jeff Fein Petra Moser Amy K Wilfert Lynn Finkel Asuka Nakahara Leonora Xhekaj* Theresa Fischer Cherrie Nanninga DeVon Yoho The Flagg Fund Waleed Obeid Douglas Young Lucy N. Friedman Neil Olson Nicholas Zagoreos Shelby Frost Gwen Pajotte Simon Ziff Peter A. Furman Douglas F. Parker

* Special thanks to our donors who acquired a matching gift from their company.

Affiliate Suppport Maryland Council on Economic Education With much appreciation Alabama Council on Economic Education Michigan Council on Economic Education Minnesota Council on Economic Education to our in-kind donors: Alaska Council on Economic Education Stephanie Gisriel (Baron Capital) Mississippi Council on Economic Education Arizona Council on Economic Education Hogan Lovells Missouri Council on Economic Education California Council on Economic Education Massey Lyuben Gallery Nebraska Council on Economic Education Colorado Council for Economic Education Asher H. Miller North Carolina Council on Economic Education Delaware Council on Economic Education Natalie Zfat Economics Arkansas Ohio Council on Economic Education Florida Council on Economic Education Oklahoma Council on Economic Education SC Economics Georgia Council on Economic Education We make every effort to ensure that the South Dakota Council on Economic Education Hawaii Council on Economic Education information listed is accurate. If you have Virginia Council on Economic Education Indiana Council for Economic Education any questions, please contact Tarnisha Smart, Washington Council on Economic Education Iowa Council on Economic Education Senior Director of Development at Kansas Council on Economic Education 212-730-6704 or [email protected].

THE CEE REPORT | WINTER 2017 PAGE 7

CEE Report Winter2017_10fx.indd 7 1/26/17 10:31 AM BOARD OF DIRECTORS OFFICERS Willard Hill, Jr. CEE Welcomes Barry Haimes, Chairman Mary Ann Johnson Managing Partner President New Board Members Sage Asset Management Johnson Custom Strategies, Inc. Elizabeth Basden, Secretary Larry Kantor Larry Kantor, a 2016 Advanced Principal Advanced Leadership Fellow Leadership Fellow at Harvard Law Office of Elizabeth Basden, PLLC Harvard Advanced Leadership Institute University, retired from Barclays in 2015 as Managing Director and Holly Hess Groos, Treasurer Samantha Kappagoda Head of Global Research. He built CFO Chief Economist & Co-Founder its research department into one AOL Risk Economics, Inc. of the top five in the marketplace Nan J. Morrison, President & CEO Emily Kolinski Morris across all products and regions and managed its Council for Economic Education Chief Economist index and portfolio analytics businesses. Larry Ford Motor Company was also a member of the Executive Committee that set the strategy for the Investment Bank. Prior Arkadi Kuhlmann to Barclays, Larry held positions at JP Morgan DIRECTORS EMERITI Founder and CEO Zenbanx Holding Ltd. Chase, Normandy Asset Management, the Federal Harold Burson, Chairman Emeritus Reserve Board and Lehigh University. Larry has Founder Chairman (retired) Jeffrey M. Lacker made many appearances in the media, including Burson-Marsteller President on CNBC, Bloomberg TV and radio, The Nightly John T. Dillon, Chairman Emeritus Federal Reserve Bank of Richmond Business Report and CBS Evening News. Chairman & CEO (retired) Annamaria Lusardi International Paper Company Denit Trust Distinguished Scholar in Chet Ragavan serves as Executive Harold McGraw III, Chairman Emeritus Economics and Accountancy Vice President and Chief Risk The George Washington University Officer for Voya Financial. He is Chairman, President & CEO School of Business McGraw Hill Financial, Inc. Director, Financial Literacy Center responsible for overseeing the enterprise-wide and business- R. Madison Murphy Michael A. MacDowell level risk monitoring and Chairman (retired) Managing Director management program for the Murphy Oil Corporation The Calvin K. Kazanjian organization. Ragavan joined ING U.S. Investment William E. Odom, Chairman Emeritus Economics Foundation, Inc. Management in 2008 as Chief Risk Officer. Prior Chairman (retired) Cathy E. Minehan to joining the company, he served as Managing Ford Motor Credit Company Dean of the School of Management of Director, Co-Head of the Portfolio Analytics Group Simmons College for BlackRock Solutions following its merger with Former President Merrill Lynch Investment Managers. He began BOARD OF DIRECTORS Federal Reserve Bank of Boston his career at Merrill Lynch in 1980 and has held a Gary Price number of senior investment and risk management Scott Booth positions within its various subsidiaries. Managing Partner Partner Affairs Leader and Chief Eastern Advisors LLC Administrative Officer Ragavan has a BA in management science from PwC Madurai University, and an MBA in finance from the Deidre Campbell University of Madras, both in India. He also earned Global Sector Chair, Financial Services Chet Ragavan, CFA an MS in computer science from the New Jersey Edelman EVP & Chief Risk Officer Voya Financial Institute of Technology and holds the Chartered Robert Alan Chlebowski Financial Analyst® designation. Executive Vice President Lowell W. Robinson Wells Fargo Board of Directors Higher One Phil Wharton serves as Executive Susan Doty Vice President for Residential Director of the Center for Economic Education Kim Leslie Shafer Development at RXR Realty. and Financial Literacy at Phil joined RXR in 2014 and The University of Texas at Tyler John J. Siegfried oversees residential development Professor Emeritus activities. Prior to joining RXR, Vanderbilt University Nancy Ertag-Brand Phil had worked at Brookfield Director of Finance & Operations Vital Projects Fund/Charina Endowment Fund Gary Stern Property Group as Senior Vice President for Former President (retired) Development. In this role, he oversaw all strategic Robert Fauber Federal Reserve Bank of Minneapolis initiatives pertaining to Brookfield’s 10-million- President square-foot U.S. development pipeline. Prior to Moody’s Investors Service Philip Wharton that, Phil worked at AvalonBay Communities, a EVP, Director of Multi-Family Development Benjamin M. Friedman RXR Realty $10 billion equity cap real estate investment trust William Joseph Maier Professor of Political specializing in luxury multifamily development Economy projects across the U.S. Department of Economics Phil also held senior roles at LCOR, Lend Lease and Harvard University Lincoln Property Company, working extensively on Mary Ann Hewitt major office and residential development projects. Executive Director Phil served on the Board of Trustees of the Bronx Maryland Council on Economic Education Preparatory Charter School for ten years. He holds a BA from Harvard College and an MBA from the Wharton School of Business at the University of Pennsylvania.

CEE Report Winter2017_10fx.indd 8 1/26/17 10:31 AM