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The Federal Open Market Committee (FOMC)
The Federal Open Market Committee consists of twelve members: the seven
members of the Board of Governors of the Federal Reserve System; the president
of the Federal Reserve Bank of New York; and, for the remaining four memberships,
which carry a one-year term, a rotating selection of the presidents of
the eleven other Reserve Banks. The FOMC holds eight regularly scheduled
meetings per year to direct the conduct of open market operations by the
Federal Reserve Bank of New York in a manner designed to foster the long-run
objectives of price stability and sustainable economic growth. The FOMC
also establishes policy relating to System operations in the foreign exchange
markets.
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