Federal Open Market Committee
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The Federal Open Market Committee (FOMC) is the group that sets interest rates either directly (by changing the discount rate) or through the use of open market operations (by buying and selling government securities that affect the federal funds rate). The FOMC is headed by the chairman of the Federal Reserve Board. This is currently Ben Bernanke.[1]
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Formation and History
Composition
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The FOMC is composed of the seven members of the Board of Governors, including the chairman, and five Reserve Bank presidents. The president of the Federal Reserve Bank of New York serves on a continuous basis. The presidents of the other Reserve Banks serve on a rotating basis for one-year terms beginning on Jan. 1 of each year.
Rotation is conducted so that each year one member is elected to the Committee by the Boards of Directors of each of the following groups of Reserve Banks: Boston, Philadelphia, and Richmond; Cleveland and Chicago; Atlanta, St. Louis, and Dallas; and Minneapolis, Kansas City, and San Francisco.[2]
Current Committee Members
As of October 2007, members of the FOMC are:
- Ben Bernanke, Board of Governors, Chairman
- Timothy Geithner, New York, Vice Chairman
- Charles Evans, Chicago
- Thomas Hoenig, Kansas City
- Donald Kohn, Board of Governors
- Randall Kroszner, Board of Governors
- Frederic Mishkin, Board of Governors
- William Poole, St. Louis
- Eric Rosengren, Boston
- Kevin Warsh, Board of Governors
Alternate members are:
- Christine Cumming, First Vice President, New York
- Richard Fisher, Dallas
- Sandra Pianalto, Cleveland
- Charles Plosser, Philadelphia
- Gary Stern, Minneapolis
References
- ↑ Board Members. Federal Reserve. Retrieved on February 29, 2008.
- ↑ The Structure of the FOMC. Federal Reserve. Retrieved on January 26, 2008.
