For release: June 18, 2003

Contact:	Joe Elstner:
	Office:	(314) 444-8311
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Federal Reserve Bank of St. Louis and Operation HOPE
Partner To Bring "Banking On Our Future" Economic Literacy Program to St. Louis

ST. LOUIS — In an effort to promote economic literacy among inner city children, the Federal Reserve Bank of St. Louis is partnering with Operation HOPE to bring the Banking On Our Future (BOOF) program to St. Louis area schools. To launch this initiative, Federal Reserve Bank of St. Louis President William Poole today joined Operation HOPE founder John Bryant to co-teach a classroom lesson for sixth-graders meeting at the Herbert Hoover Boys & Girls Club of St. Louis, 2901 N. Grand.

Since its inception, more than 107,000 youth have received BOOF instruction in California, New York City, Washington, D.C., Virginia, Boston and Chicago. Using a network of trained volunteer banker-teachers, BOOF teaches youth the basics of banking, how to open and maintain a checking and savings account, the importance of credit and the power of investments. The curriculum is also available to families and teachers nationwide at the BOOF web site.

"Educating students about the economy and banking has long been an important job for the Federal Reserve," said the St. Louis Fed's Poole. "We're proud to partner with Operation HOPE to further that goal."

Bryant noted that a recent study by the Securities and Exchange Commission's Office of Investor Education and Assistance found that 66 percent of the nation's high school students flunked a basic economic literacy test. "We can't afford to let our kids grow up without the basic skills they need to make informed financial decisions and protect their financial future. This is especially important for kids in under-served communities, where fewer resources are available," said Bryant.

Operation HOPE is a national nonprofit self-help organization working to bring economic self-sufficiency to inner-city residents. With more than $120 million in outstanding commitments from its 115 bank and corporate partners for homeownership and small business loans, $75 million in funded loans and close to 500,000 customers served in economic literacy, education and related services, Operation HOPE is a national leader in providing economic empowerment tools and services.

With branches in Little Rock, Louisville and Memphis, the Federal Reserve Bank of St. Louis serves the Eighth Federal Reserve District, which includes all of Arkansas, eastern Missouri, southern Indiana, southern Illinois, western Kentucky, western Tennessee and northern Mississippi. Besides serving as a bank for depository institutions and the U.S. government, each Reserve Bank monitors economic conditions in the District, participates in formulating monetary policy and supervises state-chartered member banks and bank holding companies to foster banking safety and soundness and protect the credit rights of consumers.

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