The main policy-making organ of the Federal Reserve System is
A) the Federal Reserve chairman and the Federal Reserve branch bank presidents.
B) the Federal Open Market Committee.
C) the Board of Governors.
D) the Federal Reserve branch banks.

Question

Quizplus · Accepted Answer

The Federal Open Market Committee (FOMC) is the main policy-making organ of the Federal Reserve System. The FOMC consists of the seven members of the Board of Governors and five of the twelve Federal Reserve Bank presidents. Together, they set monetary policy, including decisions about interest rates and the supply of money and credit in the economy. While the Chairman of the Board of Governors has a prominent role, ultimate decision-making power resides with the entire FOMC.

The Main Policy-Making Organ of the Federal Reserve System Is