Who is on the Federal Open Market Committee?
The Federal Open Market Committee (FOMC) comprises up to 12 voting members:
- all members of the Board of Governors (maximum of seven)
- the president of the Federal Reserve Bank of New York
- four of the 11 remaining Reserve Bank presidents, who serve one-year terms on a rotating basis
The seven Reserve Bank presidents who do not vote during any given year attend FOMC meetings and participate in the Committee's discussions.