ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The Federal Open Market Committee (FOMC) consists of 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.

Detailed explanation-2: -The FOMC is the Fed’s monetary policy-making body. The Federal Open Market Committee (FOMC) is the Fed’s monetary policy-making body. The FOMC has 12 voting members, including all seven members of the Board of Governors and a rotating group of five Reserve Bank presidents.

Detailed explanation-3: -Is the FOMC the Same as the Fed? No, the FOMC is not the same as the Fed. The FOMC is a committee within the Fed, the Federal Open Market Committee, and is responsible only for open market operations.

Detailed explanation-4: -There are three key entities in the Federal Reserve System: the Board of Governors, the Federal Reserve Banks (Reserve Banks), and the Federal Open Market Committee (FOMC).