Four seats on the Federal Open Market Committee (FOMC)are allocated to Federal Reserve Bank presidents on an annual rotating basis.

Question

Quizplus · Accepted Answer

The statement is true. Each year, four Federal Reserve Bank presidents serve on the FOMC, with the remaining seven seats held by members of the Board of Governors of the Federal Reserve System. The four Bank presidents rotate on an annual basis, meaning that each of the twelve Federal Reserve Banks has representation on the FOMC once every three years.

Four Seats on the Federal Open Market Committee (FOMC)are Allocated