Federal Reserve Bank of Minneapolis
09/15/2021 | Press release | Distributed by Public on 09/15/2021 07:05
New tool makes statewide, comprehensive data on student achievement more accessible and transparent
The Federal Reserve Bank of Minneapolis launched a new, publicly accessible information resource that makes Minnesota's educational disparities more transparent. The tool is the first to aggregate student outcomes at the state legislative district level for all public schools in Minnesota.
Parents, educators, policymakers, and others can access meaningful information about educational disparities to help ensure that all Minnesota children receive a quality public education. The tool presents clear comparisons across several measures of student achievement by grade level, race, and socioeconomic status. Users can see data for the entire state, for an individual school district and, for the first time, by legislative district.
'We hope this new tool will inspire solution-driven conversations about our state's public education system,' said Minneapolis Fed President Neel Kashkari. 'Providing data at the legislative district level will empower parents, educators, and others to work with their elected representatives to pursue policies that will help close long-standing racial and socioeconomic disparities in our public education system.'
Research has shown that Minnesota's public education system systematically underserves students of color, Indigenous students, and low-income White students. If Minnesota allows current educational disparities to persist, by 2031, most high school students will not meet a key benchmark of college readiness. Disparities are a drag on the economy. A recent simulation conducted by Federal Reserve analysts found that racial gaps in educational attainment cost the state of Minnesota roughly $1.1 billion of forgone GDP every year between 2005 and 2019.
'Minnesota's economic future depends on ensuring that all children receive a quality education, and we have a long way to go,' said Kashkari. 'Hopefully, this data resource will inspire action.'
The Federal Reserve Bank of Minneapolis is one of 12 regional Reserve Banks that, with the Board of Governors in Washington, D.C., make up the Federal Reserve System, the nation's central bank. The Federal Reserve Bank of Minneapolis is responsible for the Ninth Federal Reserve District, which includes Montana, North and South Dakota, Minnesota, northwestern Wisconsin, and the Upper Peninsula of Michigan. The Federal Reserve Bank of Minneapolis participates in setting national monetary policy, supervises numerous banking organizations, and provides a variety of payments services to financial institutions and the U.S. government.