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Introduction to the FOMC

An FOMC meeting at the The Marriner S. Eccles Federal Reserve Board Building in Washington, D.C.

The Federal Open Market Committee, or FOMC, is the Fed's chief body for monetary policy. Its voting membership combines the seven members of the Board of Governors, the president of the Federal Reserve Bank of New York and four other Reserve Bank presidents, who serve one-year terms on a rotating basis. By tradition, the chairman of the FOMC is also the chairman of the Board of Governors.


How many members vote at any given FOMC meeting?
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To read about the current members of the Board of Governors click here.

See it in Action: Choose the Board of Governors