Who are the members of the Federal Open Market Committee?
The Federal Open Market Committee (FOMC) consists of 12 voting members: the seven members of the Board of Governors and five of the 12 Federal Reserve Bank presidents. The president of the Federal Reserve Bank of New York serves on a permanent basis; the presidents of the other Reserve Banks serve one-year terms on a rotating basis beginning on Jan. 1 of each year. The rotating seats are filled from the following four groups of banks, one president from each group: Boston, Philadelphia, and Richmond; Cleveland and Chicago; Atlanta, St. Louis, and Dallas; and Minneapolis, Kansas City, and San Francisco.
