The Federal Open Market Committee (FOMC)
A) consists of the 12 districts of the Federal Reserve.
B) is the 7-member group that oversees the Federal Reserve.
C) is the 12-member monetary policy committee of the Federal Reserve.
D) is the 50-member organization of state banking regulators of the Federal Reserve.

Question

Quizplus · Accepted Answer

The Federal Open Market Committee (FOMC) is indeed the 12-member body that is responsible for setting monetary policy for the Federal Reserve System. This committee includes the seven members of the Federal Reserve Board of Governors, the president of the Federal Reserve Bank of New York, and four of the remaining eleven Reserve Bank presidents, who serve on a rotating basis.