The Federal Open Market Committee (FOMC) is composed of
A) representatives from the governors of all 50 states.
B) Presidents of 5 Federal Reserve regional banks and the Board of Governors.
C) the 12 Presidents of the Federal Reserve regional banks.
D) the Board of Governors, the Vice-President of the United States, and the Secretary of Treasury for the United States.

Question

Quizplus · Accepted Answer

The FOMC includes the seven members of the Federal Reserve Board of Governors and five of the twelve Presidents of the Federal Reserve regional banks. The President of the Federal Reserve Bank of New York is a permanent member, while the other four spots rotate among the remaining 11 regional banks. This structure does not include state governors, the Vice-President, or the Secretary of the Treasury.

The Federal Open Market Committee (FOMC) Is Composed of