The Federal Open Market Committee:

Question

Quizplus · Accepted Answer

The Federal Open Market Committee (FOMC) consists of seven members of the Board of Governors of the Federal Reserve System and five presidents of the Federal Reserve Banks. The chair of the Board of Governors is also the chair of the FOMC. Therefore, option B is the correct answer. Option A is incorrect because the FOMC is not made up of the presidents of the 12 Federal Reserve Banks. Option C is incorrect because the FOMC members are not appointed by the Chairman of the Federal Reserve System.