ECONOMICS
FEDERAL RESERVE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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President of the United States and members of the senate
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President of the New York Federal Reserve and 7 Governors from the Board of Governors
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1 President from the New York Federal Reserve & 4 Presidents from the other Federal Reserve Banks
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President of the New York Federal Reserve & 7 members of the Board of Governors, & 4 Reserve Bank presidents
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Detailed explanation-1: -The vice-chair of the FOMC is John Williams. He became the President of the Federal Reserve Bank of New York in 2018. 3. Other Federal Reserve Board members include Michelle Bowman, Michael Barr, Lisa Cook, Philip Jefferson, and Christopher Waller.
Detailed explanation-2: -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-3: -The FOMC consists of 12 voting members–the seven members of the Board of Governors; the president of the Federal Reserve Bank of New York; and 4 of the remaining 11 Reserve Bank presidents, who serve one-year terms on a rotating basis.
Detailed explanation-4: -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.