The Federal Open Market Committee consists of
A)12 members,all of whom are the presidents of Federal Reserve Banks.
B)12 members,seven of whom are the members of the Board of Governors,four of whom are presidents of Federal Reserve Banks,and the president of the United States.
C)12 members,seven of whom are the members of the Board of Governors and five of whom are presidents of Federal Reserve Banks.
D)12 committees,all serving on the Board of Governors.
E)12 members,split evenly so that six of whom are members of the Board of Governors and six of whom are presidents of Federal Reserve Banks.

Question

Quizplus · Accepted Answer

The Federal Open Market Committee (FOMC) consists of 12 members, seven of whom are the members of the Board of Governors and five of whom are presidents of Federal Reserve Banks. The president of the Federal Reserve Bank of New York is a permanent member of the FOMC, and the remaining four Reserve Bank presidents rotate on a one-year basis. The president of the United States is not a member of the FOMC.

The Federal Open Market Committee Consists of