Nebraska Business at Standing Bear Focus Program students gained valuable insights from a nationally known member of the banking community this fall.

Nate Kauffman shared his knowledge about local and national economics with a pair of focus program classes. Kauffman is senior vice president and Omaha branch executive with the Federal Reserve Bank (FRB) of Kansas City. He also serves as executive director of the FRB of Kansas City’s Center for Agriculture and the Economy.

Standing Bear seniors Olivia and Calvin were glad Kauffman met with the Grizzlies. More than 40 students in Macroeconomics and Intro to Financial Accounting courses listened to a detailed presentation before a question-and-answer session. The 40-minute visit touched on subjects such as the Federal Reserve’s role in the economy, Kauffman’s job responsibilities and potential business and economics careers. The University of Nebraska-Lincoln College of Business helped arrange the visit as part of its affiliation with the focus program.

“I feel I learned a lot about what goes into the Federal Reserve and banking entities in general,” Calvin said. “He also did a great job talking about the skills needed for college and the next steps. I felt I learned more about the process and mindset I need to have for the next couple of years, which are critical in my life.”

“I think I learned a lot about the Federal Reserve and how we operate as a country and what that plays into when we’re talking about economics, both in the global sense and just in the United States,” Olivia said. “I really wanted to know more about how business works in general, because I’m really interested in it.”

Kauffman joined the Federal Reserve in 2012 after earning a doctorate in economics from Iowa State University. He oversees the FRB of Kansas City’s regional research and economic outreach activities in Nebraska. He speaks with community and business leaders from across the state in his leadership position.

Kauffman also travels across the country in his role with the Center for Agriculture and the Economy. He meets with national agribusiness leaders, producers and policymakers from Florida to Montana. The Omaha resident provides them with objective analysis about current and emerging trends in many agriculture-based sectors.

Kauffman’s schedule also includes educational trips to schools. He said it is important to inform students about the Federal Reserve and how it impacts their lives. The visits also spur conversations about money and the different choices they have with their resources.

“There are a lot of students who ask really good questions,” Kauffman said. “Even if they don’t understand the Fed as an institution, they’re making decisions every day in the same way that adults are making decisions. They’ve got $20 and they have to decide what they’re going to do with it. Are they going to spend it over there, or do they have it available to spend over here? So, I think intuitively it’s the same decisions that adults make.”

The Federal Reserve is the central bank of the United States. The Federal Reserve Act of 1913 created a monetary organization that could respond effectively to stresses in the country’s banking system. It promotes financial stability, sets national monetary policies, supervises and regulates financial institutions, oversees safe payment and financial settlement methods and manages customer protection services.

There are 12 Federal Reserve districts based in Boston, New York City, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas and San Francisco. The FRB of Kansas City covers the entire states of Colorado, Kansas, Nebraska, Oklahoma and Wyoming, 43 counties in western Missouri and 14 counties in northern New Mexico. It has branch offices in Omaha, Denver and Oklahoma City.

FRB of Kansas City employees are responsible for supervising and examining all district banks and financial institutions. They distribute currency and coins to banks, operate electronic payment systems, clear checks written to people and businesses, enforce compliance with federal consumer protection laws and issue and redeem U.S. government securities.

Calvin said he enjoyed learning about the Federal Reserve. He is currently taking an accounting class at Standing Bear and plans to study business and accounting topics in college. His dream job is to work in the financial office of a National Football League team.

“I’ve just always been interested in numbers and getting them to work together,” Calvin said. “I love the NFL, and my favorite thing has always been the money and how they make it work.”

Olivia is planning to major in both pre-law and international business in college. She was fascinated with Kauffman’s decision to spend three years working on agricultural economic development projects in Bosnia and Herzegovina after college. He earned a bachelor’s degree in chemistry, but his European experiences convinced him he could help people by pursuing an economics career instead.

“It was really helpful to see how living overseas changed his perspective on things and how he views the world,” Olivia said. “I’ve always been interested in experiencing the world and seeing new things. I think being able to make an impact on the world around you and the people in it is really important.”

Kauffman said it was encouraging to speak with Grizzlies like Olivia and Calvin. He hoped those conversations could be a valuable starting point for their careers.

“I think it’s good to interact with students who are at the beginning stages of deciding what they’re going to do next,” Kauffman said. “It’s important for us to interact with students and help them on that journey.”

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