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COMPOSITION OF THE
FOMC
The Federal Open Market Committee (FOMC) regulates and
directs the open market operations of the Federal Reserve Banks (12
CFR 272.2). The FOMC is composed of seven members of the Board of
Governors plus five representatives of the Federal Reserve Banks who
are elected by the boards of directors of the Federal Reserve Banks.
The members of the FOMC serve a term of one year that begins each
March 1 (FOMC Rules of Organization § 2). The FOMC elects a chairman,
to preside at the meetings, and a vice chairman (FOMC Rules of Organization
§ 3).
At the first meeting of each year, the
FOMC selects staff officers to serve for one year. These positions
include secretary, deputy secretary, and one or more assistant secretaries;
general counsel, deputy general counsel, and assistant general counsel;
and economists. These positions are filled by officers and employees
of the Board of Governors and Reserve Banks (FOMC Rules of Organization § 4).
Managers of the System Open Market Account are also chosen by the
FOMC and are responsible for keeping the FOMC informed on market conditions
and on transactions they have made (FOMC Rules of Organization § 5).
