The Federal Open Market Committee was established to give the Fed the power to change reserve requirements.

Name: The Federal Open Market Committee was established to give the Fed the power to change reserve requirements.
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The Federal Open Market Committee (FOMC) was established to oversee open market operations and determine the federal funds rate, not to change reserve requirements. Reserve requirements are set by the Board of Governors, which is a separate entity within the Fed.

The Federal Open Market Committee Was Established to Give the Fed