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How is The Federal Open Market Committee chosen and what is their job?

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Finance

How is The Federal Open Market Committee chosen and what istheir job?

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How is The Federal Open Market Committee chosen?

The Federal Open Market Committee (FOMC) consists of 12 members –

  1. The seven members of the Board of Governors of the Federal Reserve System

                                                                                And

  1. Five Federal Reserve Bank presidents

What is their job?

In the meeting of the Federal Open Market Committee (FOMC) they review the current policy and discuss whether to maintain or change current policy.

If they decide to change the policy: it would result in either buying or selling US Government Securities’ on the open market to promote the growth of the economy.
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How is The Federal Open Market Committee chosen and what istheir job?

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