Who are the voting members of the Federal Open Market Committee and wh

Who are the voting members of the Federal Open Market Committee and why is this committee important? Where does the power lie within this committee?

What will be an ideal response?

ANSWER

The FOMC determines the monetary policy of the United States through its decisions about open market operations. It also effectively determines the discount rate and reserve requirements. The seven members of the Board of Governors, the president of the New York Fed, and four of the other eleven regional bank presidents are voting members on a rotating basis. Within the FOMC, the chairman of the Board of Governors wields the power.