By skyyso, Updated
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Okay, so now that we got down monetary policy lets go on to talking about the FOMC. Do you know what FOMC stands for?
I do actually. It stands for Federal Open Market Committee. But what exactly is the role of the FOMC?
You’re right and basically the FOMC is the group in charge of setting monetary policy. They conduct open market operations, set reserve requirements and adjusts the discount rate.
Well the structure of the FOMC consists of 7 governors and 5 reserve bank presidents.
So what people make up the FOMC?
And the FOMC meets once every six weeks in Washington, D.C. to discuss monetary policy.
Well the presidents on the other reserve banks serve one year terms on a rotating basis beginning on Jan. 1st of each year. So every year there will be a new president for each reserve bank that votes each year.
(Sitting at a table in library)
Do you guys know how the voting members rotate throughout the year?
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