The Federal Reserve Bank of New York works to promote sound and well-functioning financial systems and markets through its provision of industry and payment services, advancement of infrastructure reform in key markets and training and educational support to international institutions.
The Outreach & Education function engages, empowers and educates the public in the Second District. Our outreach mission furthers the Bank’s commitment to the region by listening to the communities we serve and developing programs, analysis and sponsored conferences and clinics to help meet their needs. Our education mission aims to advance public knowledge about the Federal Reserve System and its role in the economy.
Funding for New Jersey’s low-income school districts tumbled in the most recent recession, and the Abbott districts—a group of poor urban districts that for almost two decades received special appropriations from the state—were hit especially hard. A comparison with the state’s other low-income districts reveals that the Abbott districts faced markedly sharper declines in aid, relative to trend. Consequently, while all of the low-income districts responded to the drop in state aid by scaling back spending on support services and utilities, only the Abbott group also made significant cuts in instructional spending. Moreover, the fiscal strains of recession appear to have led to layoffs of untenured teachers in the Abbott districts, but not in the state’s other low-income districts.