Federal Open Market Committee

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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.


See also