ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The New York President always has a voting membership. All of the Reserve Bank presidents, even those who are not currently voting members of the FOMC, attend Committee meetings, participate in discussions, and contribute to the Committee’s assessment of the economy and policy options.

Detailed explanation-2: -(All twelve bank presidents are members of the FOMC, but only five vote at a time. The president of the New York bank always has a vote because of the New York bank’s central role as the system’s major operating facility.)

Detailed explanation-3: -This year the Federal Open Market Committee’s new voting members include the newest district president Austan Goolsbee, head of the Chicago Fed; Patrick Harker, of the Philadelphia Fed; Lorie Logan, the Dallas Fed president who started in August 2022; and Neel Kashkari, president of the Minneapolis Fed.

Detailed explanation-4: -Federal Open Market Committee The seven governors of the Federal Reserve Board and the president of the New York Fed are permanent voting members of the FOMC.