Federal Open Market Committee
From ACT Wiki
US Banking.
The Federal Open Market Committee(FOMC)within the United States Federal Reserve System is responsible for open market operations as a tool in effecting the central bank's monetary policy.
The Federal Open Market Committee has 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 four of the remaining eleven Reserve Bank presidents, who serve one-year terms on a rotating basis.
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