(a) Place and
frequency. The Committee meets in Washington, D.C., at least
four times each year and oftener if deemed necessary. Meetings are
held upon the call of the Chair of the Board or at the request of
any three members of the Committee. Notices of calls by the Chair
of the Board to other members are given by the secretary of the Committee
in writing, by telephone, or electronic means. Requests of any three
members for the calling of a meeting shall state the time therefore
and shall be filed in writing, by telephone, or electronic means with
the secretary who shall forthwith notify all members of the Committee
in writing, by telephone, or electronic means. When the secretary
has sent notices to all members of the Committee that a meeting has
been requested by three members and of the time therefore, a meeting
is deemed to have been called. If, in the judgment of the Chair, circumstances
require that a meeting be called at such short notice that one or
more members cannot be present in person, such members may participate
in the meeting by telephone conference arrangements or by electronic
means.
(b) Alternates. Whenever
any member of the Committee representing Federal Reserve Banks shall
find that the member will be unable to attend a meeting of the Committee,
the member shall promptly notify the member’s alternate and the secretary
of the Committee in writing, by telephone, or electronic means, and
upon receipt of such notice such alternate shall advise the secretary
whether the alternate will attend such meeting.
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(c) Quorum. Seven members, at least one of whom represents
a Federal Reserve Bank, constitute a quorum of the Committee for purposes
of transacting business except that, if there are fewer than seven
members in office, then the number of members in office constitute
a quorum. For purposes of this paragraph (c), members of the Committee
include alternates acting in the absence of members. Less than a quorum
may adjourn a meeting of the Committee from time to time until a quorum
is in attendance.
(d) Attendance
at meetings. Attendance at Committee meetings is restricted to
members and alternate members of the Committee, the presidents of
Federal Reserve Banks who are not at the time members or alternates,
staff officers of the Committee, the manager, and such other advisers
as the Committee may invite from time to time.
(e) Meeting agendas. The secretary, in consultation
with the Chair, prepares an agenda of matters to be discussed at each
regularly scheduled meeting and the secretary transmits the agenda
to the members of the Committee within a reasonable time in advance
of such meeting. In general, the agendas include reports by the manager
on open market operations since the previous meeting, and ratification
by the Committee of such operations; reports by economists on, and
Committee discussion of, the economic and financial situation and
outlook; Committee discussion of monetary policy and action with respect
thereto; and such other matters as may be considered necessary.
