Question

Members of the Federal Reserve who decide and carry out monetary policy of the United States? Consists of the 7 Board of Governors (presently 2 vacancies), the President of the New York Fed bank and 4 Presidents from the remaining 11 Federal Reserve banks. (Hint – FOMC)

Answer 1

The Federal Open Market Committee holds eight regularly scheduled meetings per year to decide and carry out monetary policy of the United States.

The Federal Open Market Committee (FOMC) consists of twelve members as given below:

a) the seven members of the Board of Governors of the Federal Reserve System;

b) the president of the Federal Reserve Bank of New York;

c) four out of the remaining eleven Reserve Bank presidents, who serve one-year terms on a rotating basis.

The rotating seats are filled from the following four groups of Banks, one Bank president from each group:

i. Boston, Philadelphia, and Richmond;

ii. Cleveland and Chicago;

iii. Atlanta, St. Louis, and Dallas; and

iv. Minneapolis, Kansas City, and San Francisco.

2020 Committee Members

• Jerome H. Powell, Board of Governors, Chairman
• Michelle W. Bowman, Board of Governors
• Richard H. Clarida, Board of Governors
• Randal K. Quarles, Board of Governors
• John C. Williams, New York, Vice Chairman
• Lael Brainard, Board of Governors
• Patrick Harker, Philadelphia
• Robert S. Kaplan, Dallas
• Neel Kashkari, Minneapolis
• Loretta J. Mester, Cleveland