ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The permanent FOMC voters are the New York Fed president and the Board of Governors.

Detailed explanation-2: -The Board of Governors of the Federal Reserve System is responsible for the discount rate and reserve requirements, and the Federal Open Market Committee is responsible for open market operations.

Detailed explanation-3: -The Committee consists of the seven members of the Federal Reserve Board, the president of the New York Fed, and four of the other eleven regional Federal Reserve Bank presidents, serving one year terms.

Detailed explanation-4: -The Federal Open Market Committee (FOMC) conducts monetary policy by adjusting the target range for the federal funds rate. The Fed implements monetary policy by using its monetary policy tools to ensure that market interest rates are at levels consistent with the FOMC’s target.