A Legacy of Excellence: Pace Economics Students Reclaim the National Federal Reserve Title

The Pace University Federal Reserve Challenge team won the 22nd annual College Federal Reserve Challenge national championship, beating competitors including Harvard (second place), University of California, Los Angeles (third place), University of Pennsylvania, University of Chicago, and Davidson College. This remarkable achievement, a continuation of long-standing success by the Pace team over the years, marks the sixth time since 2014 in which Pace University Economics department students have surpassed their peers in their knowledge of the US economy, central banking, and monetary policy.

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This year's College Fed Challenge included 139 schools from 36 states across the nation, making this year’s field one of the largest in the program’s history. Representing the New York District at the national competition, after advancing from the New York Regional College Federal Reserve Challenge earlier in November, the exceptional Pace team included co-captains Giancarlo Raspanti ’26, Business Economics/MS Economic Analysis and Data Science and Suraj Sharma ’26, Business Economics/MS Economic Analysis and Data Science, and their presenting team colleagues Gianna Beck ’28 Computational Economics/MS Economic Analysis and Data Science; Brooklyn Bynum ‘26, Business Economics/MS Economic Analysis and Data Science; and Alexander Tuosto ’26, Business Economics/Finance (Lubin)/MS Economic Analysis and Data Science.

Also included in the team were student researchers Emina Bogdonavic ’28, Economics/MS Economic Analysis and Data Science; Sheira Dery ’27, Computational Economics; Gunnar Freeman ’26, Computational Economics; Amirkhan Mamatov ’27, Economics; Grace McGrath ‘26, Economics/MS Economic Analysis and Data Science; Kristina Nasteva ’26, Business Economics; Laura Melo ’27, Economics/MS Economic Analysis and Data Science; Oliver Ng ’27, Business Economics; and Harvey Nguyen ’26, Economics/MS Economic Analysis and Data Science.

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These students analyzed economic and financial conditions, crafted a sophisticated monetary policy recommendation, and delivered a standout performance on the national stage. The team was guided by Professor Gregory Colman, PhD, head advisor, whose leadership continues to inspire championship-level excellence, in addition to Clinical Associate Professor Mark Weinstock, CBE, team coach.

Nearly two decades ago, Weinstock had a belief, a vision, that Pace’s Economics department, with its intelligent, ambitious, and hard-working students and incredibly talented faculty, could succeed in this prestigious competition. And he was right.

“Coaching the Fed Challenge has always been one of the most meaningful teaching experiences of my career. The opportunity to work with gifted students and to see them excel is spirit-lifting and thoroughly enjoyable. I'm most proud of the moments when I realize that students have achieved mastery of economics and finance that will allow them to reach the upper strata of the industry,” he said.

The incredible prowess of the Pace team also caught the attention of Fed Challenge Judge Thomas Lubik, who said, “Your team’s was the most perfect and complete performance I have ever seen at a College Fed Challenge. It was also incredibly close with the runner-up team, and we debated a good while until we settled on a winner. In the end, the way you worked as a team made the difference.”

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Alexander Tuosto ’26, Business Economics/Finance (Lubin)/MS in Economic Analysis and Data Science, was one of the main Pace student presenters at the competition, and described how the team worked tirelessly, developing meaningful relationships throughout the process. It was also his first year on the team, but that didn’t stop his student colleagues from entrusting him with a key moment in the competition. He recounted:

“It was the last night of recording our first-round presentation, and after a seven-hour recording session, we were nearing the deadline without a take that we could confidently submit. I had messed up my line at the end of the perfect run which, at this point, was very frustrating. So much that it made me unsure if the team had made the right decision in choosing me. We took a short break from recording and my mentor [co-captain Giancarlo Raspanti ’26] and the other members of the team came into the classroom I was in. We talked for a little bit; they all put things into perspective and helped me get my mind back on track. We did one final take after that, and it was actually the run that we ended up submitting: it seriously felt like a movie moment, and I don't think I'll ever forget it.”

When asked about the “secret sauce” of the Pace team’s tradition of success over the years, previous team member and alumna Kelsey Berro ’15, Business Economics, responded, “Hard work, grit, determination, and a lack of entitlement. We have won because we study the hardest, prepare the most, and because we earn it.”

The College Federal Reserve Challenge has been a steadfast, prime example of experiential learning at Pace, and Federal Reserve Challenge team members have received both internships as students and gainful employment upon graduation. In turn, many have given back as alumni, returning to help train younger generations. Another standout feature of the Pace team is that it has seen consistent leadership by female students during its history at the competition, continuing the Economics department’s legacy of developing women leaders.

Read the official press release on the Federal Reserve Challenge win.