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Federal Open Market Committee (FOMC)

Federal Open Market Committee (FOMC). Sets and directs U.S. monetary policy The Seven Governors have voting authority Five Reserve Bank Presidents have voting authority (New York and four others on a rotating basis) The Seven non-voting Presidents participate fully in FOMC Meetings

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Federal Open Market Committee (FOMC)

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  1. Federal Open Market Committee (FOMC) • Sets and directs U.S. monetary policy • The Seven Governors have voting authority • Five Reserve Bank Presidents have voting authority (New York and four others on a rotating basis) • The Seven non-voting Presidents participate fully in FOMC Meetings • The FOMC meets eight times per year

  2. Supervision & Regulation The Federal Reserve supervises: • State-chartered Depository Institutions • Bank and financial holding companies • International banking organizations • Thrift Institutions

  3. Reserve Bank’s Role in Payments • Currency and coin services (paying and receiving) to institutions: domestically and internationally • Of 37 operations, Miami is 4th in volume behind only LA, NY, and Chicago • Clear more than one-third of nation’s checks • Transfer funds electronically through ACH, Fedwire • Bank for the U.S. Treasury

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