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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.
  • Essential 2
  • 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.
  • Transition
  • 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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