ECONOMICS
MONEY
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Board of Governors
|
|
|
Board of Bankers
|
|
|
Federal Open Market Committee
|
|
|
Presidential Banking Committee
|
Detailed explanation-1: -The Federal Open Market Committee (FOMC) is the monetary policymaking body of the Federal Reserve System. The FOMC is composed of 12 members–the seven members of the Board of Governors and five of the 12 Reserve Bank presidents.
Detailed explanation-2: -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: -About the FOMC The Federal Reserve Act of 1913 gave the Federal Reserve responsibility for setting monetary policy. The Federal Reserve controls the three tools of monetary policy–open market operations, the discount rate, and reserve requirements.
Detailed explanation-4: -The Federal Open Market Committee sets U.S. monetary policy in accordance with its mandate from Congress: to promote maximum employment, stable prices, and moderate long-term interest rates in the U.S. economy.
Detailed explanation-5: -The Fed has traditionally used three tools to conduct monetary policy: reserve requirements, the discount rate, and open market operations.