Question

Chapter 11 learnsmart the function of the federal open market committee is to _____.

Answer 1

Eight times a year, the committee meets to discuss domestic and international economic changes and choose the best monetary strategy to help the economy.

What do you mean by FOMC?

The United States Federal Reserve's Federal Open Market Committee (FOMC) is the body that decides on monetary policy. Eight times a year, the committee meets to discuss domestic and international economic changes and choose the best monetary strategy to help the economy. The chairman of the Federal Reserve Board of Governors chairs the FOMC, which includes 12 voting members. These include the seven members of the Board of Governors, the president of the Federal Reserve Bank of New York, the presidents of four of the remaining eleven Federal Reserve Banks (chosen on a rotating basis), and the four presidents. The presidents of the Federal Reserve Banks, who do not have voting rights, also attend FOMC meetings together with the voting members.

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