ECONOMICS
MONETARY POLICY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The members of the Board of Governors
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Presidents of 5 Federal Reserve Banks
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Presidents of all 12 Federal Reserve Banks
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Both members of the Board and Presidents of the 5 Banks
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Detailed explanation-1: -The seven members of the Board of Governors of the Federal Reserve System are nominated by the President and confirmed by the Senate. A full term is fourteen years.
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: -Meeting calendars, statements, and minutes (2018-2023) The FOMC holds eight regularly scheduled meetings during the year and other meetings as needed. Links to policy statements and minutes are in the calendars below.
Detailed explanation-4: -The FOMC helps to manage the money supply, financial stability using monetary policy.