Pestello Participates in St. Louis Fed’s Institute for Economic Equity Panel

02/24/2023

Last Tuesday afternoon Saint Louis University President Fred P. Pestello, Ph.D., took part in a virtual discussion hosted by The Institute for Economic Equity with the Federal Reserve Bank of St. Louis.

Pestello was joined by Mississippi Valley State University President Jerryl Briggs Sr., Ph.D. Together the two presidents had a conversation with William M. Rodgers III, vice president and Director of the Institute for Economic Equity.

The discussion was part of the Institute for Economic Equity’s Conversations on Equity series. The series features national thought leaders who are working to build awareness of obstacles to economic equity.

The panel was designed to focus on higher education’s role in achieving economic equity. The conversation opened with talks about the challenges caused by the COVID-19 pandemic. Both Pestello and Briggs shared stories about their universities being impacted by the pandemic quickly with little time to react. Pestello noted that SLU went from in-person to Zoom in just a week. 

Pestello also described how SLU has worked to return to in-person campus life since March 2020. 

“We did everything we could to bring people back to campus and to not shut down,” he said.

After talking about the impact of the pandemic, the conversation turned to inequities in society. The two presidents talked about when they first became aware of inequity. Pestello recalled that  coming of age in the 1960s and growing up in Shaker Heights, Ohio, he couldn’t help but be swept up in the movements and concerns of the times.

“Shaker Heights was very well known for taking a very progressive approach to housing and segregation,” he said. “They worked to break up segregation, to become desegregated, in a controlled manner. … It was a community that saw the world changing and said, ‘We’re going to embrace diversity in a way that strengthens us, rather than divides us.’ That was a powerful lesson.’”

Pestello said younger generations have led the way in pushing for acceptance and changes that have made for a more equitable world. 

“One of the things that I think is wonderful about young people today is that their attitude is much more accepting in embracing difference,” he said. “They are much more tolerant than young people of previous generations. It is impressive how accepting they are of differences and each other and how much they push for diversity and inclusion, and belonging. It’s quite inspiring.” 

As the conversation turned to higher education, both university leaders agreed that fostering a diverse community is a goal.

“There are a number of benefits to be derived from having a diverse student population — for the students themselves and the institutions as a whole,” Pestello said. “We live in a global world where, in all likelihood, you’re going to be exposed to different people, different cultures … being able to understand them and their perspectives and get new and creative ideas, it strengthens the entire enterprise.”

The presidents were asked about student debt and how to combat it. Briggs said in his situation, as a public school, student debt could be eased with more funding from the state. 

“One of the factors that is contributing to (higher costs) is declining public support,” he said. “We know that inflation has gone up in the last 20 to 30 years, but the support for public higher education has been declining in that span. That has become a major challenge for institutions, and they’ve had to raise tuition and raise fees.”

Pestello said getting donors involved was key to keeping costs down. He pointed to a SLU program through which SLU matches eligible donor gifts that support student grants and awards.

“There’s no doubt student debt is an issue,” he said. “. . . What you’ll find in higher ed is what we’re trying to do is raise money around scholarships. It is one of the things that is most appealing to donors."

Ultimately both agreed that attending college has value for students. 

“One thing that we’re being particular about as we’re having conversations with our current and future students is that return on their investment — understanding what that degree can do for them,” Briggs said. “. . .  There is a return on this investment. This degree from Mississippi Valley State University matters. It is having an impact on our ability to participate in our economy.” 

The Institute for Economic Equity is designed to promote a more equitable economy for households and communities in the Eighth Federal Reserve District and beyond. It works to support an economy that works for all, regardless of race or ethnicity, gender or where they live. Launched in 2021, the Institute builds on the research and activities conducted by its predecessor, the St. Louis Fed's Center for Household Financial Stability, which underscored how structural and historical factors —including racism and discrimination — contribute to economic inequities.