Entities

Federal Open Market Committee

Federal Open Market Committee

Acronym
FOMC
Entity Type

The The Federal Open Market Committee (FOMC) oversees the United States open market operations and makes key decisions about interest rates and the growth of the money supply.

Terms

Interest Rate

Mentioned by the Following

People

Tom Hoenig

  • The Federal Open Market Committee (FOMC) is a committee within the Federal Reserve System
  • It oversees the nation's open market operations
  • It makes key decisions about interest rates and the growth of the United States money supply
  • Meets regularly (every six or seven weeks) to vote on these issues
  • Has a group of voters
    • 12 voting members
      • 7 are Board of Governors
      • The President of the Federal Reserver Bank of New York is permanet
      • Four of the 11 Regional Bank presidents rotate annually
    • Board of Governors
      • President appoints and Congress affirms
      • 14 year terms with no renewal
      • Chair & Vice Chair are 4 years (can be renewed)