What is the federal reserve and what is the FOMC?​

The Federal Open Market Committee (FOMC) is the branch of the Federal Reserve System that determines the direction of monetary policy specifically by directing open market operations.

The FOMC is composed of the Board of Governors, which has seven members, and five Federal Reserve Bank presidents.

The Committee has eight regularly scheduled meetings each year that are the subject of much speculation on Wall Street.

Explanation:Understanding the Federal Open Market Committee (FOMC)

The 12 members of the FOMC meet eight times a year to discuss whether there should be any changes to near-term monetary policy.1  A vote to change policy would result in either buying or selling U.S. government securities on the open market to promote the growth of the national economy.

The FOMC consists of the Board of Governors, which has seven members, and five Federal Reserve Bank presidents.1  Members of the committee are typically categorized as hawks favoring tighter monetary policies, doves who favor stimulus, or centrists/moderates, somewhere in between.

By tradition, the chairman of the FOMC is also the Chair of the Board of Governors.2  The current Chair of the Federal Reserve Board is Jerome Powell, who was sworn in on February 5, 2018.3  Powell is considered a moderate. Other members include Richard Clarida, Randall Quarles, Lael Brainard, and Michelle Bowman. The remaining two positions are vacant as of Dec. 12, 2020.4  

The vice chairman of the FOMC is also the president of the Federal Reserve Bank of New York,2  a position currently filled by John C. Williams, who took office on June 18, 2018, as the 11th president and chief executive officer of the 2nd District Federal Reserve Bank of New York.5  The president of the Federal Reserve Bank of New York serves continuously, while the presidents of the other Reserve Banks serve one-year terms on a three-year rotating schedule (except for Cleveland and Chicago, which rotate on a two-year basis)

The Federal Reserve system (Fed) is the Central Bank of United States.

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

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